SPCE is currently in a falling wedge pattern that can best be seen on the 1HR chart.
This is still a bearish development showing lower highs and lower lows, but a breakout above the wedge could signal a +/- 20% move to near $28.
From my experience, falling wedges typically break to the bottom for a final sell off (capitulation) before they break upward. That is not always the case, and these are very hard to trade as stop losses have to be moved lower and lower. As long as the price is best contained in the falling wedge, the trade is in play presenting a worsening risk:reward for longs.
The best way to trade this would be to wait for a break above the top line of the wedge and then enter when the price comes back down to the top of the wedge (retest). This can be difficult as well as the price may retest the top of the wedge a few times before finally deciding to go up, so again it's another difficult scenario for a stop loss as the top of the wedge lowers as time goes by.