SPCX Price Analysis: Key Resistance At $223 Could Decide The Next Major Move

(MENAFN- Crypto Breaking) SPCX has managed to bounce back up into a strong resistance level following its swift comeback from previous lows. Traders have their eyes set on the $223 level, as it has shown significant resistance; the price was previously rejected at that level. A breakout through the current level could see the price moving further upwards, while a rejection could result in a reversal.

Crypto Analyst Crypto Tony highlighted the potential setup in a recent post on X, posting an SPCX/USD chart and adding that he will be looking at the retest of the rejected range high prior to taking any entry positions. The potential setup, according to him, is a possible breakout or breakdown of the price at $223.

Crypto Tony Flags $223 As Key SPCX Resistance

From his analysis of the market, Crypto Tony published a graph depicting price movement approaching a horizontal resistance area close to the $223 level. There was evidence of a price rejection at that level, after which there was a massive drop and recovery.

As Tony said, he will search for entries after the reclaim of the range high rejection. The implication is that he might be waiting for price action above resistance before making an entry. These kinds of setups indicate strength from buyers and help prevent getting trapped at resistance levels.

The post stood out because it offered a structured trading plan rather than a straightforward bullish forecast. At the moment, everyone is watching whether SPCX can break through or stay under the level of resistance.

SPCX Recovers After Sharp Selloff

According to the chart, SPCX is being traded at a level close to $220 after dropping significantly from its previous levels. After failing near $223 in late May, SPCX dropped sharply, declining by over 20 percent to reach support at the $160 to $170 levels.

The support level was able to create buying pressure and helped stabilize the downward trend to establish a bottom. The price then became range-bound for some time, indicating weak selling pressure.

SPCX followed its support with a rally. Its value rose from $170 to more than $210, driven by high participation from buyers.

Support Zones To Watch If Resistance Holds

If SPCX does not manage to break above $223, traders can track lower levels for support. First support is seen around $198 to $205, where prices retraced from the recent advance.

In case of a more pronounced drop, focus may shift to the $185 to $190 support area, which acted as a consolidation zone during the reversal process. On the downside, the $160 to $170 area will be seen as a key support on the chart.

This level capped the previous decline and helped spark the current uptrend. Losing this zone would likely hurt bulls' sentiment.

Breakout Could Open The Path For Higher Targets

A definitive break above $223 might alter the near-term bias of SPCX. The formation of support at this resistance could be viewed as a bullish signal for buyers.

The flip in support and resistance is typically seen by many as a sign of strength in a breakout attempt. In the case of SPCX, it signals a bullish bias for the pair.

In the current scenario, price has not yet decided what to do. It is still testing resistance to see if it can break through it.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links.

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