Top Crypto Gainers: ETHFI, CAKE, SPX – DeFi tokens lead the rally

Ether.fi spark cools down

Ether.fi is down 1% at the time of writing on Friday, following a 22% surge on Thursday. The DeFi token recovery exceeded the $1.631 resistance, making the $1.871 level as the immediate resistance, last tested on January 20.

The intraday pullback hints at the possibility of ETHFI retesting the $1.631 breakout level, signaling a breather phase.

Still, the technical indicators on the daily chart reflect an upcoming shift in trend momentum as the Moving Average Convergence Divergence (MACD) converges with its signal line. A potential crossover would indicate a rise in bullish momentum.

Additionally, the Relative Strength Index (RSI) at 62 displays a surge in buying pressure with room for further growth before reaching the overbought zone.

ETHFI/USDT daily price chart.

Looking down, a sweep below $1.631 would invalidate the DeFi token’s breakout run, which could test the $1.437 support level marked by multiple reversal points in September.

PancakeSwap rally faces a key hurdle at $3.165

PancakeSwap is gradually gaining demand, with its quarterly volume hitting a record high of $772 billion. At the time of writing, CAKE is up over 15% in the last 24 hours, holding above the $3.00 mark.

Still, the recovery run faces overhead pressure at the $3.165 resistance level, which has remained intact since February 13. A decisive close above this level could unleash the trapped momentum for a rally to the $3.535 or $4.194 level, last tested on December 13 and December 9, respectively.

The RSI on the daily chart shows a surge to 63, indicating a rise in buying activity. Meanwhile, the MACD extends the uptrend after crossing above its signal line on Thursday, marking the start of a bullish trend.

CAKE/USDT daily price chart.

However, a reversal from $3.165 could reverse the trend, potentially resulting in a decline to the $2.829 support, which had previously acted as key resistance earlier this year.

SPX eyes to extend gains with channel breakout

SPX6900 meme coin holds steady above its 100-day Exponential Moving Average (EMA) at $1.2845 by press time on Friday. The meme coin recovery challenges the overhead trendline of a falling channel pattern, hinting at a potential breakout.

A decisive close above this trendline at $1.3300 would confirm the pattern breakout, which could result in a new uptrend. The key resistance levels for SPX lie at the $1.4805 peak from September 17, followed by the $1.6384 mark, aligning with the 1.272 Fibonacci extension level retraced from $1.4805 to the $0.9001 low from Tuesday.

Validating a bullish shift, the MACD continues to rise steadily following the crossover on Thursday. Additionally, the RSI at 56 holds above the halfway line, indicating a bullish incline in trend momentum.

SPX/USDT daily price chart.

Still, a reversal from the overhead trendline would invalidate the breakout thesis. In such a case, the 50-day EMA at $1.2576 and the 200-day EMA at $1.1934 could act as dynamic support levels.