SPX6900 recovery run targets 100-day EMA breakout:

The SPX6900 meme coins recorded a 14.91% jump on Sunday, extending the bounce off a support trendline formed by connecting the March 11 and April 9 lows. At the time of writing, SPX edges low by 0.50% on Monday, holding onto the weekend gains.

The sudden recovery reclaimed the 200-day Exponential Moving Average at $1.1873 and the 61.8% Fibonacci level at $1.2112, which is extended between the $1.8032 high of January 19 and the $0.2534 low of March 11. If SPX marks a decisive close above the 100-day EMA at $11.3363, it could target the 78.6% Fibonacci level at $1.4715.

A bullish bias in momentum indicators on the daily chart backs upside potential. The Moving Average Convergence Divergence (MACD) extends the uptrend after crossing above its signal line on Saturday, signaling a gradual rise in trend momentum.

Additionally, the Relative Strength Index (RSI) reads 49 on the same chart, recovering to neutral levels from near the oversold region, suggesting that the buying pressure is resurfacing.

Looking down, a potential drop below the 61.8% Fibonacci level at $1.2112 could test the 50% retracement level at $1.0283.

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