SPX6900 Faces Pressure Within Descending Triangle—Can Support Hold Firm?

The cryptocurrency market is experiencing renewed volatility in early February 2026, with major assets pulling back sharply. Bitcoin and Ethereum are both under pressure, contributing to a broader wave of liquidations that has impacted leveraged positions across the board. SPX6900 (SPX), the high-volatility memecoin, has not been immune to this selling pressure. After sliding significantly from earlier highs, SPX is now testing a critical technical structure that will likely determine its next directional move. Notably, the asset’s current price of $0.29 reflects a substantial decline from the $0.44–$0.4775 zone that previously held firm as a key demand area.

Geometric Compression Pattern Defines the Technical Setup

The daily chart reveals that SPX is trading within a well-defined descending triangle pattern—a bearish formation characterized by a series of lower highs pressing down onto a relatively flat support base. This type of geometric structure typically signifies mounting selling pressure and a gradual compression of price into a critical zone. However, the technical story is nuanced. While descending triangles are traditionally viewed as bearish-biased formations, repeated price tests of the base without a decisive breakdown can signal that accumulative demand is present beneath the surface, rather than pure distribution.

In SPX’s case, the descending triangle has compressed price into tighter and tighter bounds, forcing traders to confront a defining moment. Multiple tests of the support zone have produced extended lower wicks on the daily timeframe—a bullish signal that aggressive buyers are stepping in on dips. This pattern of defense suggests that there remains underlying appetite at lower levels, even as broader market conditions deteriorate.

Buyers Continue to Step Into Key Demand Zones

The $0.44–$0.4775 support band has proven to be a resilient floor throughout recent trading. Each time SPX has touched or dipped slightly below these levels, accumulative buying has emerged, preventing a confirmed breakdown. This consistency of buyer participation at the same price zone signals that institutional or informed retail demand exists at this level.

The current pullback to $0.29 is significant, but within the context of the descending triangle pattern, it represents price testing a lower boundary that could attract fresh buyers if broader market conditions stabilize. If SPX can stabilize here and rebound, the next logical target would be the descending resistance trendline near $0.61—a level that has rejected rallies multiple times and would represent a meaningful relief bounce if overcome.

The Breakdown Risk: What Happens If Support Fails

The technical picture remains intact as long as SPX maintains the integrity of the $0.44 support base. However, this coin operates in a high-risk category, and a decisive weekly close below $0.44 would invalidate the descending triangle setup and confirm a bearish breakdown. Such a move would likely trigger stop-loss cascades and force trapped bulls to exit positions, potentially opening the door to deeper losses below current levels.

The 24-hour performance showing a +3.26% gain suggests some mean-reversion trading is already occurring, but confirmation of a sustained rebound would require price to decisively reclaim $0.44 and then challenge the $0.61 resistance.

The Verdict: Triangle Under Pressure but Not Yet Broken

SPX6900 remains at a pivotal juncture. The descending triangle pattern is intact, but price has tested lower levels that demand careful attention. For now, the battle lines are drawn at the key demand zone—buyers have shown willingness to accumulate on sharp dips, which keeps the triangle viable. A sustained defense above $0.44 would be bullish and could set up a relief rally toward resistance. Conversely, any failure to hold support would shift momentum decisively in favor of sellers and expose the coin to further downside risk.