CAKE and JUP lead the DeFi wave – SPX hits a new peak, is the upward trend sustainable?

The crypto market is witnessing an impressive breakthrough from the DeFi token group, with PancakeSwap (CAKE) and Jupiter (JUP) far surpassing the overall recovery in the past 24 hours, indicating that buying pressure is returning strongly. However, the technical outlook still holds many uncertainties: CAKE continues to maintain its upward momentum, while JUP faces a significant resistance level. Additionally, the meme coin SPX6900 (SPX) unexpectedly rises to the third position with a new historical peak above $2, but potential bearish divergence signals are warning of a risk of correction in the short term.

CAKE aims for a target of $3.53 as the uptrend resumes

PancakeSwap (CAKE) continues to maintain a green color, increasing by 16% at the time of writing, extending the nearly 10% rise since Sunday. This recovery momentum has pushed CAKE above the resistance level of $3.16 – a level that was last tested on February 13. If it successfully maintains above this threshold, CAKE could extend its rise to the $3.53 zone, which is an important milestone established since December 13.

Technical signals are reinforcing the bullish outlook: the MACD indicator is showing a bounce back with green histogram bars, indicating that upward momentum is being reinforced. Meanwhile, the RSI index reached 79.94 on the daily frame, reflecting an overbought state as demand increases. However, this overbought region also warns of a quick reversal possibility if buying strength weakens.

In the opposite scenario, if CAKE cannot close above $3.165, the price may adjust back to the support area of $2.829 – which was once a significant resistance lasting for several months.

CAKE price chart | Source: TradingView## JUP approaches the resistance level of 0.63 dollars, bullish signals are reinforced

Jupiter (JUP) continues to maintain its recovery momentum as it stays above the important psychological level of $0.5, bouncing back from $0.513 – above the 100-day EMA at $0.51. At the time of writing, JUP has risen over 5%, marking a series of 4 consecutive sessions of increases and approaching the resistance level of $0.63 last tested on Tuesday. If it breaks through successfully, JUP could extend its rally towards the level of $0.74 – a significant low on February 25.

For investors still on the sidelines, the potential golden cross signal between the 50-day EMA and the 100-day EMA can be seen as an opportunity to join the trend. Technically, the MACD histogram is bouncing back, indicating that bullish momentum remains dominant, while the RSI is at 64 on the daily timeframe, reflecting new capital inflow.

On the contrary, if JUP weakens and falls below the 200-day EMA at (0.58, the price may retreat to re-test the important support area around the 100-day EMA at )0.51.

Price chart of JUP | Source: TradingView## SPX hits a new peak of $2.26 but divergence signals warn of adjustment risks

The meme token SPX6900 continues to surge, rising an additional 12.4% at the time of writing, marking its fourth consecutive increase and establishing a record high of $2.26. As it enters the price discovery phase, SPX's next target may be aimed at the $3.07 region – the Fibonacci retracement level of 1.272 calculated from the peak of $1.8 on January 19 to the bottom of $0.25 on March 11.

The bullish momentum is reinforced as the MACD avoids crossing below the signal line, with green histogram bars rising above the zero line. However, the RSI indicator at 71 has moved deep into the overbought territory. Notably, the RSI is moving sideways while the price continues to set new highs – a potential bearish divergence signal, warning that buying pressure is weakening and the risk of ending the current strong rally is present.

If selling pressure increases, a drop below $1.8 could extend the correction to test the 50-day EMA around $1.52.

SPX Price Chart | Source: TradingViewEmma