Stock Market's Sizable Drop over a Day-Long Span, Yet a Specific Key Indicator Nurtures Recovery Optimism
Bears have been exerting pressure across broader conditions, leading to a 12% drop in SPX prices over the past 24 hours. However, there is hope for SPX bulls as large buyers are still stacking orders at the current demand zone, according to CryptoQuant whale activity data.
The $1.15 demand zone is acting as a key support for SPX prices, and the order book activity around this level is likely to be crucial in determining the next major move for the token. If support at the $1.15 level holds, it could potentially signal a rebound for SPX, with the possibility of it retesting nearby resistance levels.
The strength of buying momentum could determine whether SPX stages a swift rebound or triggers a fresh bearish wave. The stochastic RSI is flashing bullish signals for SPX, indicating a potential price reversal on the horizon due to the oversold RSI.
Whales are viewing the current dip as an opportunity to accumulate more long positions in SPX. In past cycles, whale accumulation has helped slow down bearish momentum for SPX. If buying momentum strengthens, it could be a positive sign for SPX bulls, offering them some relief.
However, if support at the $1.15 level fails, it could lead to liquidations and more retail traders exiting their positions. This could potentially trigger a fresh bearish wave, further pushing SPX prices down.
The market bias for SPX remains bearish, with spot trading dominated by sellers and futures data showing bears keeping the upper hand. Despite this, the recent selling pressure on SPX could determine whether it is a short-term shakeout or the beginning of a deeper decline.
It is important to note that the specific identities of the whales currently accumulating larger amounts of SPX tokens have not been publicly disclosed. The focus in the sources is mostly on the coin’s market performance, investor interest, and presale activity, not on individual large holders.
Traders should closely monitor order book activity around the $1.15 level, as it is likely to determine the next major move for SPX. SPX is currently at a critical juncture, with large-scale demand from whales being relied upon to stabilize the market. The outcome of this critical period could shape the future trajectory of SPX prices.
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