SPX6900 (SPX) has increased by 30% and there is a golden cross which suggests that there is more to come.
SPX6900 (SPX) has exploded by 30% for no apparent reason and is now on everyone’s radar seeking the next altcoin to explode. What prompted the increase? A golden cross appeared on the charts, which, according to some analysts, is a very strong buy signal. Nevertheless, is it real or has it been fabricated to create a hype?
What is a Golden Cross?
The golden cross occurs when the 50-day moving average rises above the 200-day moving average, which is usually seen as a positive sign. In simpler terms, we can see that the short-term trend may be picking up pace and if this trend continues then we may see more gains. Or it may die out as quickly as a meme stock – welcome to the “free for all”, ladies and gentlemen.
Bull market or false breakout?
The way this story often plays out is that the price rise attracts new investors, and then the puppets come in and take the profits while the newbies are left paying for the bills. At the moment, that 30% rise is quite impressive but it is advised to watch out for the trend as it can change instantly depending on the market sentiment or trade volume.
Our Take for 100x Traders:
- Be Alert: Monitor for liquidity, watch for large transactions from a single wallet, and do not make decisions based on a single technical tool.
- Manage Risk: If you are planning on entering the market then make sure to put in place very close stop loss thresholds.
- Keep It Real: Golden crosses are a good thing, but they are not sacred. It is still possible for a new alt to rise and fall as quickly as it has risen.
Last Word
It is not easy to achieve a 30% increase in the sea of altcoins. If SPX6900 continues to capture the momentum, we may see more events – just do not forget that crypto is one of the most volatile markets. Always research, do not make decisions based on emotions, and know that you should exit the position sometimes.
