Date: Wed, Sept 17, 2025 | 06:30 AM GMT
The cryptocurrency market is showing slight resilience ahead of the hot event of the US Federal Reserve meeting today, with Bitcoin (BTC) reclaiming the $117K mark after a 1% jump at the time of writing. Following this recovery, several memecoins are also flashing upside potential, including SPX6900 (SPX).
SPX is currently trading in green with modest gains, but the chart signals something much more important: the token has just broken out of a key bullish setup and is now retesting that breakout — a move that could define its next major rally.
Source: Coinmarketcap
Retesting Falling Wedge Breakout
For several weeks, SPX was locked inside a falling wedge, a classic bullish reversal pattern that often signals an upcoming trend shift. The token found solid support near $1.03 and then bounced back strongly.
This rally carried SPX above the wedge’s descending resistance line, confirming a breakout around the $1.38 mark. Following the breakout, SPX surged to as high as $1.5066, which aligned closely with the 100-day moving average (MA), acting as resistance.
SPX6900 (SPX) Daily Chart/Coinsprobe (Source: Tradingview)
Since then, as typically happens after strong breakouts, the price has pulled back to retest the breakout zone. At present, SPX is consolidating near $1.31 — a crucial level where buyers could be preparing to re-enter.
What’s Next for SPX?
The ongoing retest looks constructive, but its success depends on whether SPX can hold above the breakout trendline. If bulls step in strongly, the first targets to reclaim would be the 100-day MA at $1.47 and the recent high of $1.5066. A clean breakout above these levels could spark a larger rally.
Based on the wedge breakout projection, SPX holds the potential to rise toward the $2.2367 zone, which represents nearly 69% upside from current levels.
However, traders should remain cautious. If SPX fails to maintain support around the breakout line and slips back below $1.30, it risks falling back inside the wedge pattern. That would increase the chances of a fake breakout, postponing the bullish scenario.
