SPX6900 Shows Reversal Signals as Memecoin Market Collapses 81.6% YTD

Published: 2025-12-16 23:45:05 |

SPX6900, a leading memecoin, plunged more than 10% in 24 hours while the broader memecoin sector fell about 6.8%. Despite the sharp drop, on-chain and derivatives indicators point to a possible short-term rebound. Open interest in SPX6900 futures rose from $8M to $11.47M even as price fell, producing a bullish divergence. The MACD signal line is turning up, suggesting seller exhaustion. Weekly cumulative volume delta (spot and futures) has remained net-positive since early December, though buying pressure has gradually weakened and CryptoQuant shows neutral retail sentiment. Critical technical levels: support at $0.44 (the October low) and resistance near $0.75, which capped previous rallies three times. Holding $0.44 could trigger a reclaim toward $0.75; a decisive break below $0.44 would likely accelerate downside. Broader context: the memecoin market peaked above $150B in 2025 and has contracted to roughly $43B (an 81.6% YTD decline), reflecting liquidity fragmentation and shifting narratives—factors that may constrain any sustained SPX6900 recovery. Traders should monitor SPX6900’s open interest, MACD, CVD, key support/resistance ($0.44 / $0.75), and sector liquidity to identify short-term bounce opportunities and manage downside risk.

Neutral

The news presents mixed signals for SPX6900. Bullish elements: rising futures open interest amid falling price (a classic divergence), an uptick in the MACD signal line indicating waning selling momentum, and positive weekly cumulative volume delta since early December — all supportive of a short-term bounce. Bearish elements: the token suffered a >10% single-day drop, the wider memecoin market has contracted sharply (81.6% YTD) which reduces liquidity and speculative flows, and buying power has been tapering with neutral retail sentiment. Technically, $0.44 is a critical pivot — holding it increases the chance of a rebound to $0.75, while a break would likely accelerate losses. Taken together, the balance of signals suggests limited, tactical upside (short-term bounce potential) but without strong confirmation for sustained gains, so the immediate price impact is best classified as neutral. Traders should treat moves above $0.44 with cautious bullish bias but prepare for downside continuation if that support fails.