The cryptocurrency market faced a sharp downturn this week as rising tensions in the Middle East, particularly the prospect of US missile strikes on Iran, rattled investor confidence. Major tokens, including SPX6900, Virtual Protocol, and Dogwifhat, led the losses, highlighting the sector’s sensitivity to global events.
Market Overview
• SPX6900 (SPX) plunged nearly 12% on Tuesday as investors reacted to the news of potential US military action in Iran. The token briefly recovered, trading up over 4% on Wednesday, but remains at a critical support level. If SPX6900 closes below $1.28, further declines toward $0.92 are possible, with the 50-day EMA near $1.00 offering potential short-term support. Technical indicators, such as the MACD, have turned bearish, suggesting continued volatility .
• Virtual Protocol (VIRTUAL) extended its weekly losses to over 8%, closing below its 50-day EMA and testing the $1.64 support. A break below this level could see the token fall toward $1.39, with the 100-day EMA at $1.57 as a possible buffer. The MACD’s negative crossover signals growing bearish momentum.
• Dogwifhat (WIF), a Solana-based meme coin, dropped more than 7% and breached its $0.798 support, marking a 30-day low. If selling pressure persists, WIF could test the $0.550 level. The MACD remains in negative territory, reinforcing the bearish outlook.
Geopolitical Backdrop
The sell-off was triggered by reports that the US is considering direct military action in Iran, with President Trump signaling a hardline stance and the US Air Force reportedly controlling Iranian airspace. This escalation has injected significant uncertainty into both traditional and digital asset markets, with Bitcoin trading below $105,000 and risk appetite broadly diminished.
Technical Outlook
| Token | Key Support | Next Downside Target | Short-term Resistance | Technical Signal |
| SPX6900 | $1.28 | $0.92 | $1.61 | Bearish (MACD) |
| Virtual | $1.64 | $1.39 | $2.01 | Bearish (MACD) |
| Dogwifhat | $0.798 | $0.550 | $1.00 | Bearish (MACD) |
What’s Next?
With the US-Iran situation evolving, crypto markets are likely to remain volatile. Investors are advised to monitor key support levels and technical indicators closely. A resolution or de-escalation could trigger a relief rally, but for now, caution prevails.
For more on the latest price action and technical analysis, check out related coverage on SPX6900 price predictions and crypto market news.
