SPX6900 (SPX) has experienced a nearly 5% decline, trading around $0.98 as of Tuesday, as bearish momentum continues. The cryptocurrency broke below a key trendline, and derivatives data indicates a bearish market sentiment with declining open interest and increasing short positions. Technical indicators, including a Relative Strength Index (RSI) of 41 and a bearish MACD crossover, suggest further declines toward $0.81. Futures open interest for SPX meme coin has decreased significantly, falling to $9.94 million from $18.96 million earlier this month, according to Coinglass. The long-short ratio has reached a one-month low of 0.86, highlighting increased bearish positioning. SPX faced resistance at the 50-day EMA after a 24% pullback, and a recovery above the trendline could see it target the 50-day EMA at $1.22.
SPX6900 Faces Bearish Pressure, Drops Toward $0.81
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