The cryptocurrency market witnessed significant turbulence as SPX experienced a sharp 12% price drop in the last 24 hours. This decline tested the critical $1.15 demand zone—widely regarded as a pivotal support level. Despite the bearish momentum, whale activity signals potential recovery.
SPX Price Update: What’s Happening?
As of now, SPX is trading slightly above the $1.15 demand zone after enduring a sharp sell-off. This level is critical as it will determine whether the recent decline is a temporary shake-out or the start of a more prolonged downturn. Adding to the intrigue, technical indicators like the Stochastic RSI suggest oversold conditions, hinting at a potential price reversal on the horizon.
Whales Are Accumulating—A Glimmer of Hope
According to recent data from CryptoQuant, whale activity provides optimism for SPX bulls. Large buyers seem to view the dip as an opportunity, stacking long-term orders around the $1.15 level. Historically, such activities by whales have paved the way for recovery by stabilizing the market and reducing bearish momentum. This could spell relief for traders holding long positions.
Challenges Persist For SPX
Despite these bullish signals, the market’s bias is far from decisively positive. The spot market remains dominated by sellers, while futures data indicates that bears continue to exert upper hand pressure. This imbalance highlights that the $1.15 support zone will likely be tested again, and its durability will largely hinge on the conviction of whale buyers.
If buying momentum gains strength, SPX could rebound swiftly, eyeing nearby resistance levels. On the flip side, a failure to hold support could trigger another bearish wave, leading to potential liquidations and forcing more retail traders out of their positions.
What’s Next for SPX?
At this crossroads, all eyes are on the $1.15 demand zone. Whether SPX stages a recovery or continues its downward trajectory will depend on the interplay between whale accumulation and broader market sentiment. Traders should closely monitor key indicators, including volume spikes and order book activity at the key support level, to strategize their next moves.
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