SPX falls 20 % a week! – Evaluating the risk of more losses star-news.press/wp

Main meals

SPX6900 decreased by 20 % amid 2.77 million dollars of output flows, $ 12.9 million reduce open benefits, and a declining purchase rate. Technicians put weak support, while declines at the sector level and the special symbol speculation added pressure.

Memecoin SPX6900 (SPX) was stuck in a week losing chain, 20 % was fell in total after a 9 % extensive daily decrease.

The analysis indicates that there is a negative aspect that has been possible, as capital flows increase around the main support level – even though the broader market shows different dynamics.

Liquidity flows in height

The past three days have been defined by heavy flows from SPX, where immediate investors explain their position.

During this period, they sold SPX for $ 2.77 million, as of writing. On August 14, the largest individual flow occurred, with two million dollars in one day.

Source: Coinglass

If this trend of transferring funds from central stock exchanges to private portfolios, this may increase the SPX price capabilities.

It is worth noting that immediate investors are not the only ones who come out. In the permanent market, a large flow of liquidity also appeared.

Open interest data showed 12.9 million dollars in the size of the position, the SPX contracts were removed, which reduced OI to 122.9 million dollars, each Coinglass.

Taker Buy Sell’s sale has confirmed that sellers dominate the market, as the volume of purchase exceeds the purchase pressure. The ratio declined to below the neutral threshold 1, resting at 0.897.

Source: Coinglass

Technical analysis indicates a risky preparation

On the charts, SPX was circulated along the main promotional support line, which sparked gatherings on three previous occasions.

However, thunderbolt support lines often collapse as soon as prices are reached.

Whenever the support area is tested frequently, the weaker purchase momentum. With the sellers ’control firmly, a lesser decrease of this support appeared.

Source: TradingView

Two potential regions can provide a recovery if tested: $ 0.9150 and $ 0.6345.

Outcoin Outlook is still favorable

Despite the last weakness, SPX still has emerged compared to the wider market.

The Altseason 90 days is the third best performance in the market, an increase of 111 %, behind Memecore (M) and Pudgy Penguins (Pengu).

However, the Memecoin sector generally decreased by 6.8 % during the week, adding to the Haboodian feelings, according to Artemis.

Source: Artemis

At the same time, TOKEN699 – Doppelgängr – with heavy inclusion where investors compared SPX. His essential activity appears to absorb liquidity from the market, which contributes to the downward pressure of SPX.