Low-cap altcoin SPX6900 gained over 15% on its daily chart within the past 24 hours as Bitcoin reclaimed the $98,000 region.
While enhanced broad market sentiments propelled SPX’s prices in the past day, Coinbase’s listing magnified the bullish momentum.
The leading exchange confirmed adding SPX-PERP, bolstering the tokens’ exposure.
SPX rallies on Coinbase support
Coinbase announced listing SPX6900 “in full-trading mode” on Thursday.
Generally, assets witness amplified optimism after a leading crypto exchange launches them.
Coinbase’s derivative listing will likely attract retail and institutional players, increasing SPX’s market depth and liquidity.
SPX traded in green today, reflecting investor optimism following the announcement.
Derivative expansions trigger short-term price surges due to increased speculative buying.
Simultaneously, Coinbase announced the KAS-PERP market, introducing another lucrative product for users.
Individuals interested in new opportunities can trade the Kaspa perpetual contract.
SPX and KAS price actions
The duo displayed upside trajectories on the price charts, with SPX outshining KAS.
SPX6900 gained over 15% in the past 24 hours to trade at $0.7585.
Kaspa saw a modest 1.02% surge within that timeframe to hover at $0.1074.
Notably, these price movements align with Coinbase’s listing, with traders optimistic about future price actions.
Coinglass data confirms the increased trader enthusiasm.
SPX’s open interest increased by 2% to $17.85.
Also, the over 100% uptick in volume signals robust investor activity.
Moreover, the Long/Short ratio above 1 suggests more traders executing longs as they anticipate extended gains.
Technical indicators support SPX’s bullish case.
The RSI highlights robust growth room for the altcoin before hitting the overbought region.
The 1D Moving Average Convergence Divergence demonstrates buyer comeback with a visible bullish crossover.
The prevailing green histogram bars indicate buyer dominance.
Moreover, The Chaikin Money Flow has recovered from yesterday’s -0.33 to +0.40 at press time.
That signals increased money entering the SPX6900 ecosystem as individuals accumulate.
SPX exhibits significant bullishness and looks ready for extended gains before potential retracements.
Bulls target the obstacle at $0.8500 – a 12% uptick from current prices.
Extended uptrends will potentially push towards early February regions of $0.9426 before soaring to the $1 psychological region.
However, enthusiasts should watch for potential risks. Assets often record short-lived gains upon exchange listing news.
These events encounter sell-the-news developments, leaving the token in the hands of broad market sentiments.
A bearish wave in BTC and top altcoins will likely delay SPX’s projected uptrend.
Bulls dominate the digital assets sector as Bitcoin tests $99,000, changing hands at $98,878.
While the community awaits a jump past $100,000, today’s BTC and ETH option expiry raises volatility worries.
The market looks poised for fluctuations with the expiration of over $2 billion in Bitcoin and Ether options.
The current state demands trader caution as market structures might shift wildly due to the developing conditions.
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