Top 3 Gainers SPX, UNI, and TON: Altcoins record double-digit surge, ignoring Bitcoin’s pullback

The altcoins market sustains the uptrend momentum, with decentralized finance (DeFi) and meme coins leading the way, despite the short-term volatility in Bitcoin (BTC), signaling a chance of a new altseason.

Bitcoin trades near $108,000, down almost 1% at press time on Thursday, following its recent all-time high of $111,970, which represents an over 3% pullback, contributing to a slowdown in other top altcoins. 

Ignoring the BTC price move, meme coins like SPX6900 (SPX) maintain a high momentum rally, nearing a $1 billion market capitalization. The DeFi rally intensifies with Uniswap (UNI) registering double-digit gains and a rise in decentralized exchange (DEX) trading volumes. 

Telegram’s recent announcement of Musk xAI partnership fuels the TON rally, recording a 10% hike on Wednesday. With the partnership, Telegram users will have access to Grok AI. 

SPX6900 breaks above $1 

SPX trades at $1.07 with an over 2% intraday rise at press time on Thursday, extending the 15% jump last night. The recovery rally in SPX6900 accounts for a whopping 95% rise so far in May. 

The Moving Average Convergence/Divergence (MACD) indicator, at 0.10, and its signal line, at 0.078, project a bullish trend in motion. Additionally, the wave of green histogram bars reflects the strong momentum. 

The Relative Strength Index (RSI) at 73, indicating an upside, is entering the overbought zone, signaling strong bullish momentum. However, investors must remain cautious near resistance levels, as the risk of overbought conditions looms. 

The 50-day Exponential Moving Average (EMA) at $0.70 nears the 200-day EMA at $0.72, hinting at a potential golden cross. This will trigger a trend reversal signal as the short-term price trend prevails over the larger trend. 

The SPX rally has recovered more than half of the 80% crash between January 17 and March 11, from $1.53 to $0.29, highlighted by the 50% Fibonacci level at $0.91. With a rounding reversal, the meme coin heads toward the 78.6% level at $1.22. 

On the other hand, a sudden reversal below the $1 mark could retest the 50% level at $0.91.

Uniswap price approaches two-month highs 

Uniswap trades at $7.44, rising over 8% in gains on Thursday, repeating the 8% growth seen last night. This suggests a boost in bullish momentum, as it has recorded a 21% rise so far this week. 

The momentum indicators suggest a strong bullish tailwind is at play: The RSI, at 72, enters the overbought region, and the MACD indicator trends higher with its signal line, indicating a steady uptrend is in motion. 

The DeFi token nears the $7.73 monthly peak (May 10) with a rounding reversal highlighted in the 4-hour price chart below. A clean push above $7.73 will mark the highest price in two months. The breakout rally could target $8.69, aligning with the 1.618 Fibonacci level as per the Fibonacci retracement extrapolated over the May 10 to May 17 pullback from $7.55 to $5.71. 

On the flip side, a failure to uphold the uptrend above $7.73 could result in a steep reversal to retest the 78.6% Fibonacci retracement level at $7.16. 

Toncoin remains trapped in consolidation

With the announcement of Telegram supporting Grok AI, Toncoin surged on Wednesday, hitting a 24-hour high of $3.69 before cooling down to a closing price of $3.32, recording a 10% intraday gain. Extending its gains, TON trades at $3.39 with a 2% intraday gain as of press time on Thursday. 

The pullback from $3.69 prolongs the consolidation phase between $2.92 and $3.58. Additionally, the 100-day EMA continues to provide dynamic resistance with previous peaks on January 18, April 1, and May 11.

The momentum indicators suggest a trend reversal in Toncoin: The MACD and its signal line give a positive crossover nearing the centre line, and the RSI line at 60 flips above the halfway line, indicating a boost in bullish momentum. 

A decisive closing above the $3.58 will mark the range breakout, potentially targeting the 200-day EMA at $3.97. 

Conversely, another flip from the 100-day EMA could extend a pullback to the $2.92 support level.