The last few weeks have been difficult for crypto traders and investors, as the mid-December dip caught many people off-guard. Fortunately, the market is already beginning to recover – and some early gainers are starting the year off with explosive moves.
Today, the satirical meme coin SPX6900 is the star of the show, achieving gains of more than 35% in the last 24 hours.
In the wake of SPX6900’s incredible success, another index-inspired meme coin called Meme Index is also gaining momentum, having now raised $1.5 million through its token presale.
SPX6900 Goes Parabolic, Surging to New All-Time Highs
While most crypto tokens fell into troublesome dips throughout December, SPX6900 managed to hold out and established a series of higher lows.
Over the last day or so, the SPX6900 bulls have been rewarded with a massive victory pump as the token flew upwards by over 35%. This massive move also caused SPX6900 to top CoinMarketCap’s list of top-gaining cryptos and break its previous all-time high just below $1 – marking a truly historic day for this project’s true believers.
As the chart below shows, SPX6900 has now sketched out the beginnings of a new bullish ascending triangle pattern, while its RSI level has begun to reach into the oversold zone:
Should SPX6900 break through $1.35, it should have a good chance of flipping its most recent resistance into support. From there, the bulls might be able to springboard the price even further skywards – and with the broader crypto markets only beginning to wake up, the above scenario is both reasonable and realistic.
If we zoom out and look at the daily chart, we can also see that SPX6900’s trading volumes have not yet spiked to an extreme level – which could mean that this token has a lot more gas in its tank. Again, the $1.35 level certainly looks vulnerable from here, so we’re likely to see it break over the coming weeks (if not days):
As highlighted by the black horizontal line in the chart above, SPX6900’s previous pivotal resistance level ($1) is now a neutral point that could also become a key support zone – if the price falls back that far.
Despite SPX6900’s current market-beating power, it is still a meme coin that could potentially be impacted by a sudden narrative change, and turn bearish as quickly as it exploded. There’s no sign of that happening yet, but it does highlight the need for bulls to implement effective risk management strategies if they plan on buying here. Waiting for a new pattern to emerge on the daily chart could prove to be a wise move.
While SPX6900 moves toward a topping signal that will come eventually, those convinced by the “meme coin index” narrative do have an interesting alternative to consider.
Meme Index Presale Raises $1.5M for First Decentralized Meme Coin Index Platform
In the meme coin world, a sudden pump can easily be followed by a sudden dump – so the smartest SPX6900 believers are flocking to Meme Index ($MEMEX), which replaces satire and jokes with genuinely innovative meme coin trading technology.
Instead of managing an extensive portfolio of different meme coins, MEMEX holders can stake their tokens into their choice of meme coin indexes (“baskets”) via the Meme Index platform. Each index provides exposure to the collective price action of several meme coins at once – making it a far more convenient alternative for meme coin enthusiasts.
By staking MEMEX tokens into baskets, Meme Index users can also control how much volatility they get exposed to. The range of indexes spans everything from the “Meme Titan Index” (featuring the most mainstream memes like DOGE, SHIB, and PEPE) to the degen’s favorite “Meme Frenzy Index,” which is home to the most extreme movers on the market.
Whether investors want a relatively stable journey or a turbulent rollercoaster ride full of ups and downs, Meme Index has every option covered.
In the wake of SPX6900’s success, and the future potential of the “meme coin index” narrative, the aptly-named Meme Index is clearly set to be a major player this year.
With over $1.5 million raised in weeks during its ongoing presale, a discounted token price of $0.0148639, and a stunning APY of 1,457% for early investors who stake their tokens during the presale, Meme Index stands out as a project that has truly earned its place in many meme coin portfolios.
