SPX6900 recently witnessed one of the biggest rallies in meme coin history, surging approximately 7,000% in a single month.
But jitters are creeping in as it finds resistance on its price chart – is it a good time to buy, or is the party over for this stock market parody token?
Mixed Market Sentiment On SPX, But Price Chart Remains In Tact
Despite “it’s all over cries” from some traders, others remain optimistic that the next SPX6900 rally is imminent.
The project is currently trading at $0.7806, up 6% today, 7.3% this week, and 1,457% this month.
However, momentum has certainly slowed from earlier in the month, with SPX down 18% from its 13 October all-time high (ATH).
Prominent analyst qw is one of those to wade a bearish outlook.
He said that SPX6900 looks like a “broken parabola” and that this usually “ends in tears.”
Indeed, the analyst was referring to SPX’s price chart, which has put in a lower high and lower low recently, a concerning sign given the extent of its prior rally.
With such upside volatility, we cannot rule out an equally volatile move to the downside.
Yet, others remain confident in their bullish outlooks. For instance, Miles Deutscher responded to qw by referencing Pepe in 2023, noting it experienced “an initial run followed by consolidation” and expects the same for SPX.
Indeed, we all know what Pepe did after that.
Meanwhile, Jacob Bury said, “It could just be cooling down at the moment” and that it’s “backed by some humongous players in the market—people like Murad.”
“They’re getting a lot of attention from people in legacy markets like stocks. It’s really a huge ecosystem, and they’ve really got that degenerate culture,” he continued.
While there’s undoubtedly a risk for further downside movement, Bury also highlighted that the broader crypto market is in a healthy position, even alluding that Bitcoin could hit $80K in the coming weeks.
Should that occur, it would provide a tailwind for SPX6900’s next leg. So how far could it go?
Based on Fibonacci levels, SPX could rally to $1.2 and then $1.6 on the next uptick.
That said, this is largely dependent on the broader crypto market. Given its parabolic ascent, SPX could see a significant downturn if it loses support amid a market-wide retracement.
However, in Jacob Bury’s video, he recommended another meme coin, which could be a favourable alternative for those late to SPX6900. It’s called Pepe Unchained, and it’s currently undergoing a presale where it has raised almost $22 million.
Pepe Unchained Presale Showing Strength As Whales Buy In – Next 100X Meme Coin?
Pepe Unchained is shaking up the meme coin landscape. It’s building an Ethereum layer 2 blockchain for meme coins, promising 100x faster speeds and much cheaper fees.
Imagine a scalable blockchain that is all about meme coins – even the apps. For instance, developers could build a meme coin-themed Play-to-Earn game or DeFi app.
In all of this, $PEPU has the unique advantage of being both a meme coin and the ecosystem’s native utility token.
It will capture the value in the ecosystem, helping its price rise alongside the Pepe Chain’s popularity.
And Jacob Bury is not the only smart money trader who’s interested. Etherscan data shows how one big fish just made a whopping 19 ETH investment worth $51K on Monday.
Meanwhile, other top traders are also interested. Meme Coin Max even says it can 100x in price.
Currently, investors can buy $PEPU at presale for $0.01176, but this price will rise as the ICO advances.
According to its website, the next uptick will occur in just over one day. As such, prospective buyers should act quickly to secure the best price.
