Crypto Market Gainers: POL, DEXE, CAKE surge as Ethereum reclaims $3,700

Polygon (POL, previously known as MATIC), DeXe (DEXE), and PancakeSwap (CAKE) emerge as front-runners in the cryptocurrency market, driven by Ethereum (ETH) reclaiming the $3,700 mark, as they are or were primarily Ethereum-based projects. The technical outlook holds an optimistic lens as the altcoins gradually regain bullish momentum to face critical resistance levels. 

POL regains bullish momentum, targeting $0.2822

POL edges higher by over 2% at press time on Thursday, extending the uptrend for the fifth consecutive day. The altcoin surpasses the 100-day Exponential Moving Average (EMA) and the 23.6% Fibonacci level at $0.2227, which is drawn from the $0.7685 peak on December 3 to the $0.1519 low on April 7. 

The recovery run targets the crucial resistance zone near the 38.2% Fibonacci level at $0.2822, close to the 200-day EMA at $0.2640. A decisive close above this level could reinforce an uptrend in POL, extending the target to the 50% retracement level at $0.3417. 

The Moving Average Convergence Divergence (MACD) is on the verge of crossing above its signal line to signal a bullish shift in trend momentum, which would flash a buy signal.

The Relative Strength Index (RSI) on the daily chart reads 56, indicating an upward trend, suggesting steady buying pressure with room for further growth. 

POL/USDT daily price chart.

On the flip side, a reversal below the $0.2227 level would invalidate the uptrend thesis, potentially retesting the 50-day EMA at $0.2167.  

DEXE V-shaped turnaround at risk

DEXE surpassed the 50-day EMA at $8.157 with a 10% surge on Wednesday. At the time of writing, DEXE upholds the gains with no significant price movement so far on Thursday. 

The immediate resistance for DEXE lies at $8.938, marked by the June 3 daily close. A decisive push above this level could extend the rally to the 100-day EMA at $9.640. 

DEXE’s V-shaped reversal after momentarily breaching the $7.314 support level marks a surge in bullish momentum as the RSI 62 inches closer to the overbought zone. Furthermore, the uptrending MACD and its signal line are converging toward the zero line. 

DEXE/USDT daily price chart.

Looking down, a reversal in DEXE could extend the prevailing downtrend to the $6.074 support level, marked by the August 5 low. 

Crucial resistance looms over CAKE’s bounce

PancakeSwap edges higher by nearly 2% at press time on Thursday, extending the 5% bounce back from the 50-day EMA. The uptrending DEX token forms a support trendline connected by June 23 and August 3 lows. 

The bounce back in CAKE targets the $2.829 level, a crucial monthly resistance formed in the first half of 2025. If bulls surpass this critical level, the CAKE price rally could approach the $3.165 level, last tested on July 28. 

The rising MACD line moves closer to its signal line, hinting at a potential crossover ahead. Furthermore, the RSI at 55 surpasses the halfway line after momentary flatlining. 

CAKE/USDT daily price chart.

On the downside, a surge in supply pressure could result in a retest of the support trendline near the 50-day EMA at $2.547.