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SPX6900 Plunges 20% as Crypto Whales Dump Holdings
- SPX6900 plunges 40% from $1.63 peak to $1.04, with a 20% drop in the last 24 hours due to whale profit-taking.
- Price breaks below the 50-day EMA with bearish MACD divergence and RSI falling to 42.99 from overbought levels.
- The meme token SPX6900 exhibits signs of exhaustion after a parabolic move, now trading close to $1.04, down from $1.7 in mid-June, marking a 40% decline.
- SPX6900 faces a technical correction with key support at $1.00 and the 200-day EMA at $0.831.
- Current SPX6900 price stands at $1.066 with a 20% intraday drop, indicating high selling pressure and a 62% increase in trading volume to $104.75.
- MACD indicator displays bearish divergence as the MACD line crosses below the signal line, suggesting potential further downward movement.
- RSI at 42.99 reveals increased bearish momentum after falling from overbought levels, highlighting institutional or whale selling rather than retail panic selling.
- Volume analysis points to heightened selling pressure, with former support levels at $1.00 and $0.83 being potential downside targets amid the ongoing correction.
- SPX6900's 250% rally from May lows to June highs was unsustainable, leading to a healthy correction currently trading 40% lower than recent highs.
- Critical resistance levels at $1.06 and $1.40, with support at $1.00 and $0.83, advising traders to monitor price sustainability above $0.80 to avoid further technical breakdown.
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