Background Information: SPX6900 (SPX) surged 12.5% on June 18, rising from $1.24 to $1.46, following Binance U.S.'s announcement that it would list the memecoin on June 19.
Main Event: The surge triggered short-term profit-taking, causing the SPX price to fall by 8%. Technical analysis shows that the price encountered resistance in the middle of a downtrend channel, forming a short-term supply zone, and the 4-hour RSI indicator also shows selling pressure. On-chain data indicates that 91% of holders are in a profitable state, increasing the likelihood of profit-taking.
Potential Impact: The short-term support level is around $1.1, coinciding with the 200-day exponential moving average, which is a key observation point. Despite a short-term pullback, overall market sentiment remains bullish. It remains to be seen whether Binance U.S.'s listing plan can drive a new wave of increases. Disclaimer: The content is solely the author's opinion and does not constitute investment advice.