Date: Sat, May 24, 2025 | 08:50 AM GMT
The cryptocurrency market is experiencing a mild pullback after a strong week of gains. Bitcoin (BTC) reached a new all-time high of $111,970, while Ethereum (ETH) surged as high as $2,700 before easing down to $108,000 and $2,550 respectively.
Despite this mini pullback, the memecoin SPX6900 (SPX) is showing strength today after making an impressive 73% monthly rally, and it is now attempting a breakout from a key bullish formation.
Source: Coinmarketcap
Breaking Out Cup and Handle Pattern
On the daily chart, SPX is displaying a textbook Cup and Handle pattern — a formation often seen at the start of major bullish trends.
The “cup” portion formed between late February and early May, starting with a sharp rejection at $0.87 before carving out a rounded bottom at $0.4066. Since then, SPX has gradually pushed higher, pulling back slightly into the “handle” around $0.63 where it found support — a common technical behavior in this setup.
SPX6900 (SPX) Daily Chart/Coinsprobe (Source: Tradingview)
Now, SPX is once again testing its neckline resistance between $0.79 and $0.87, a zone that has acted as a ceiling on several occasions. As of this writing, the token is trading at $0.85 — right at the heart of the resistance range — putting bulls on high alert for a breakout.
What’s Next for SPX?
A decisive move above the $0.87 level, especially if followed by a successful retest, would confirm the Cup and Handle breakout. This would likely ignite strong bullish momentum and could propel SPX toward higher resistance levels.
The immediate upside target following a breakout sits around $1.12, but if the full technical pattern plays out, the projected target is near $1.49 — offering a potential 74% rally from current levels.
However, broader market sentiment still plays a major role. Ethereum hovering near the $2,550 mark is a key factor. If ETH regains its footing and resumes its climb past $2,700, it could spark another leg up for memecoins like SPX.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.