Crypto Market Gainers: POL, DEXE, CAKE surge as Ethereum reclaims $3,700
- Polygon records its fifth consecutive day of uptrend, eyeing the 200-day EMA at $0.2640.
- DEXE upholds the 10% surge from Wednesday as bullish momentum recovers.
- CAKE extends the bounce back from the 50-day EMA, targeting the $2.89 resistance.
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.
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
