Polygon (POL), DeXe (DEXE), and PancakeSwap (CAKE) are standing out as leading altcoins in the market, benefiting from the strong recovery of Ethereum (ETH) as this coin reestablishes the $3,700 mark. With initial foundations linked to or developed on the Ethereum ecosystem, these projects are leveraging the current momentum to accelerate. Technically, the market outlook is leaning towards a positive scenario, as the uptrend gradually returns and altcoins prepare to challenge significant resistance areas.
POL has regained its upward momentum, aiming for the $0.2822 mark.
As of the time of writing on Thursday, POL has risen over 2%, marking a price increase that has extended for the 5th consecutive day. The strong recovery has helped this altcoin surpass the important technical resistance, including the 100-day exponential moving average (EMA) and the 23.6% Fibonacci retracement level at $0.2227 — measured from the peak of $0.7685 on December 3rd to the bottom of $0.1519 on April 7th.
Currently, POL is approaching the key resistance area around the 38.2% Fibonacci level at $0.2822, which is close to the 200-day EMA at $0.2640. If the price can close steadily above this area, the upward trend will be reinforced, opening up prospects for reaching the 50% Fibonacci retracement level at $0.3417.
Technical signals are also supporting the upward trend: The MACD indicator is approaching the crossover above the signal line, indicating the possibility of a bullish reversal – a notable buy signal. Meanwhile, the relative strength index (RSI) on the daily chart reached 56, reflecting that buying pressure still prevails and there is room for further upward momentum.
However, if the price reverses and drops back below the $0.2227 mark, the bullish scenario could be invalidated, leading to a potential correction to retest the 50-day EMA at $0.2167.
DEXE could reverse in a V-shape.
DEXE recorded an impressive breakout as it surpassed the 50-day EMA at $8.15, rising sharply by 10% in Wednesday's trading session. Notably, by the end of Thursday, this uptrend remained stable, with no significant price fluctuations recorded.
The nearest resistance level that DEXE is aiming for is $8.93 – corresponding to the closing price on June 3rd. If this level is successfully broken decisively, the token could extend its uptrend towards the 100-day EMA around $9.64.
In particular, the V-shaped reversal pattern after temporarily breaking through the support area of $7.31 has triggered a powerful bullish wave. The RSI currently stands at 62, approaching the overbought zone, indicating that market momentum is clearly tilted towards the bulls. Additionally, the MACD line and the signal line of the MACD indicator are also converging near the 0 level – a positive signal supporting the upward trend.
However, in the scenario of a negative reversal, DEXE could extend the correction towards the crucial support area at $6.07 – the bottom established on August 5th.
CAKE is recovering but facing important resistance.
PancakeSwap (CAKE) maintains its uptrend with an increase of nearly 2% as of the time of writing on Thursday, following a strong bounce of 5% from the 50-day exponential moving average (EMA). Notably, the token of this DEX platform is establishing a solid upward trendline, extending from the bottom on June 23rd to August 3rd.
The current recovery is aiming towards the important resistance level at $2.829 – which is a key barrier established in the first half of 2025. If buying pressure is strong enough to break this level, CAKE could extend its uptrend to the next target area at $3.165, where strong selling pressure was recorded on July 28th.
Technical signals are also supporting the positive trend: the MACD line is gradually approaching the signal line, indicating a high likelihood of a bullish cross occurring soon. The RSI indicator has also crossed above the neutral threshold of 50, currently at 55, showing that bullish momentum is being reinforced after an extended accumulation phase.
However, on the flip side, if profit-taking pressure increases, CAKE may reverse to test the support level coinciding with the 50-day EMA around $2.547 – serving as an important technical cushion in the short term.
