The SPX6900 price skyrocketed 59% in the last 24 hours to trade at $0.1602 as of 03:35 a.m. EST on trading volume that rose 30% to $18.7 million.
SPX6900 Price On A Sustained Bullish Trend
According to GeckoTerminal data, the SPX6900 price was in a consolidation zone throughout September, trading within the $0.034 level within the 200-day Simple Moving Average (SMA).
After a period of consolidation marked by the yellow box, the price broke out aggressively, indicating a bullish breakout. The current price action is parabolic, with rapid upward movement.
SPX price now trades above both the 50-day and 200-day SMAs, confirmation of the bullish stance to the upside.
To affirm the bullish rally, the Moving Average Convergence Divergence (MACD) is moving up above the neutral line, which shows that the price of SPX6900 is on a positive trajectory.
If the current bullish trend continues, the SPX6900 price could keep soaring as the bulls target $0.233.
SPXUSD Chart Analysis Source: GeckoTerminal.com
Conversely, the Relative Strength Index (RSI) seems to be on a correction from the 70-overbought region as it heads down, currently at 66.
This may be an indication that the bears may be prompting a selling spree. If the selling continues, the SPX6900 price may drop back to the 50-day SMA at $0.079, acting as a cushion against downward pressure.
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