.
Profitable holders increased above 90%, indicating strong profit-taking pressure.
On June 18, SPX6900 [SPX] jumped 12.5% after Binance US announced the listing of the memecoin for spot trading.
The market announced that memecoin would start trading on June 19, creating a preemptive push, taking SPX from $1.24 to $1.46.
Profit-taking trend on SPX surges
Source: SPX/USDT, TradingView
However, at the time of update, memecoin investors have started to take profits to realize profits.
SPX is now down 8% after being rejected at the midpoint of the downtrend channel (yellow-white) and this area also acted as a bears sell block (red), forming a short-term supply zone.
The 4-hour RSI clearly reflects a rejection at the midpoint, which could see shorts pull memecoin back to $1.33 or the bottom of the trading range, especially if demand shows no signs of improvement.
More than 90% of SPX holders are profitable
On-chain data supports this sharp sell-off. According to IntoTheBlock, 91% of investors (around 16K wallet addresses) are making profits on their holdings.
This suggests a high likelihood of them taking profits, stalling memecoin's recovery if they all act together.
Source: IntoTheBlock
Immediate on-chain support levels lie around $1.10, which aligns with the 200-day exponential moving average (EMA) on the price chart, a level that analysts closely watch to predict a longer-term downtrend.
Despite the continued selling pressure, the overall market sentiment remains positive, indicating that investors remain optimistic about the memecoin’s prospects.
Source: Santiment
The SPX has been in a correction since June after posting an 80% gain earlier in the month. Whether the Binance US listing can fuel this rally remains to be seen.
However, the short-term downside potential is expected to ease if the price touches the moving averages or around $1.10, especially if market sentiment shows more signs of improvement.
Source: https://tintucbitcoin.com/spx-tang-12-sau-binance-us-niem-yet/
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