Ethereum’s price recently experienced a sharp drop, impacting the broader crypto market. The popular memecoin SPX6900 (SPX) also took a hit today, falling over 11% in response to this weakness. However, chart analysis reveals potential signs of an upcoming turnaround for SPX. A key bullish Gartley harmonic pattern is emerging on the daily chart, indicating a possible rebound.
On the SPX daily chart, analysts are seeing signs of a bullish Gartley pattern completion. As prices decline, they are approaching the final leg (CD) of the structure, nearing the potential reversal zone (PRZ) around 0.886 retracement of the XA leg – which aligns with the $1.06 level.
This critical area often acts as a launching pad for bullish reversals if buyers step in strongly. If SPX confirms a bounce from the $1.06 PRZ, the bullish Gartley could trigger a rebound towards higher Fibonacci extension levels.
Initial resistance lies near the 0.618 retracement at $1.64, with further upside potential targeting the 1.0 retracement level at $2.00. These zones align with previous supply levels and represent a significant price recovery from current levels.
On the downside, however, caution is warranted. If SPX fails to hold above $1.06, it could shift focus towards the next major support around the 200-day moving average near $0.99. A breakdown below this level would invalidate the bullish setup and expose SPX to further losses.
This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.