Many people are asking if memecoins are finished. After strong growth in late 2024 the whole sector has dropped hard. Market value is far below old highs and interest feels weaker. SPX6900 is now part of this story.
SPX6900 fell more than ten percent in the last day. This drop was deeper than most other memecoins. The wider memecoin market also fell but not as much. This makes traders question if SPX can recover or if more pain is coming.
At the moment SPX is still in a clear downtrend. Price has been moving lower for some time. It is now close to a price area near 0.44. This level mattered before. In October price touched this zone and bounced for a short time. That makes it an area many traders are watching again.
Even though price is falling sellers do not look as strong as before. Momentum tools show selling pressure is slowing down. This often happens when a move is getting tired. When sellers lose strength a pause or bounce can follow. This does not mean a full reversal is certain.
Another point traders are watching is open interest. This has risen from about eight million to more than eleven million. Rising open interest while price falls can point to a change in behavior. It often means new positions are opening even as price drops. Sometimes this leads to a sharp move once one side gives up.
If SPX can hold above 0.44 a short bounce is possible. A move toward 0.75 could happen. That level stopped price several times in the past. It is still a tough area and selling could appear again. If price loses 0.44 then the fall could speed up fast.
Looking at recent trading activity buyers have still been active overall. Both spot and futures flows show more buying than selling on a weekly view. Buying strength is lower than before but it has not vanished. This shows some traders are still willing to step in at lower prices.
Retail traders tell a different story. Their activity stays mostly flat. They are not rushing in yet. This is common when markets feel weak. Small traders often wait for clear strength before acting.
The bigger problem is the memecoin sector itself. Since mid year its share of the crypto market has dropped hard. At its peak the sector was worth more than one hundred fifty billion. Now it is closer to forty three billion. Interest is far lower than earlier in the year.
With so many memecoins competing for attention liquidity is thin. Even large names in the space are struggling to keep market share. This makes it harder for any single token to rally on its own.
SPX6900 still shows signs of a short term bounce. Price behavior hints that selling pressure is fading. But the weak state of the memecoin market could limit any upside.
In simple terms SPX might bounce but the road is not clear. Holding key levels matters. Sector weakness matters even more. Traders should stay cautious and watch how price reacts around key zones.
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