The SPX6900 exchange is about to launch, with a price rise of 12.5% followed by a pullback of 8%. Follow the $1.1 support.

Background information: SPX6900 (SPX) surged 12.5% on June 18 after a trading platform U.S. announced that it would launch the memecoin on June 19, with the price rising from $1.24 to $1.46. Key event: The rally triggered short-term profit-taking, causing the SPX price to retreat by 8%. The technical picture shows that the price has encountered resistance in the middle of the downward channel, forming a short-term supply zone, and the 4-hour RSI indicator is also showing selling pressure. On-chain data shows that 91% of token holders are profitable, increasing the likelihood of profit-taking. Potential impact: Short-term support near $1.1, coinciding with the 200-day exponential moving average, is a key observation point. Despite the short-term pullback, the overall market sentiment is still on the high side, and it remains to be seen whether the listing plan of a trading platform U.S. can drive a new round of gains. Disclaimer: The content is the author’s opinion only and does not constitute investment advice.