- Raydium records an over 15% surge on Thursday, leading the broader market recovery.
- Aerodrome Finance eyes further gains as a double-digit jump breaks above a critical resistance.
- The SPX6900 meme coin surges from a crucial support level while momentum indicators flash a warning signal.
Decentralized Finance (DeFi) tokens, such as Raydium (RAY) and Aerodrome Finance (AERO), alongside SPX6900 (SPX), outperformed the broader cryptocurrency market over the last 24 hours. This surge follows the
Federal Reserve’s decision to keep the policy rates unchanged
at 4.25%-4.5% during the June policy meeting.
With the fourth consecutive meeting keeping federal fund rates steady, major cryptocurrencies like
Bitcoin (BTC),
Ethereum (ETH),
and XRP (XRP) are seeing downward pressure, trading in the red with losses of under 1% on Thursday.
Raydium springs back from $2
Raydium has made a notable comeback, trading up over 15% as of Thursday, bouncing off the $2.00 psychological support level. This positive price action presents a double bottom reversal pattern on the daily chart, with a neckline at $2.58.
A decisive push that closes above this neckline could potentially turbocharge Raydium’s recovery toward the 200-day Exponential Moving Average (EMA), targeting the $3.00 round figure.
The Moving Average Convergence/Divergence (MACD) indicator is showing signs of resurgence, indicating a buy signal as it crosses above its signal line—an event known as a bullish crossover. This is reinforced by the positive growth of the histogram from the zero line, suggesting a possible trend reversal for Raydium.
Additionally, the Relative Strength Index (RSI) has spiked to the halfway mark from the oversold zone, signaling an increase in bullish momentum. However, if Raydium fails to close above the double bottom’s neckline, it risk reverting back toward the pivotal $2.00 mark.
AERO targets extended gains towards $1
Aerodrome Finance’s AERO token is also on the move, edging higher by about 3% while riding on a previous day’s surge of 19%. Recent trading has seen AERO successfully surpass the 200-day EMA, marking its highest traded price in over four months.
AERO’s successful closure above $0.81, aligning with the 50%
Fibonacci
level, creates a robust foundation for further gains. The immediate resistance is situated at $1.04, tying with the 61.8% Fibonacci level.
The MACD indicator reflects a positive trend, evidenced by rising green histograms, which points to a strengthening bullish momentum. However, the RSI nearing the overbought zone raises the stakes, indicating an increased risk of a pullback.
Should AERO reverse below the 50% Fibonacci level, it could jeopardize its upside potential, setting the stage for a retest of the 50-day EMA at $0.63.
SPX recovery warns of a dead cat bounce performance
In a display of underlying strength, the SPX6900 meme coin surged by 13% on Wednesday, countering a previous day’s decline of 12%. However, as of Thursday, SPX has edged back down by over 1%, indicating a necessary breather phase.
The SPX coin is currently facing resistance at the $1.47 support level, which aligns with the 78.6% Fibonacci retracement from its all-time high of $8.03 to the year-to-date low of $0.25. A successful close above this threshold could propel SPX toward its all-time high.
Despite this optimism, increasing volatility has resulted in a bearish crossover on the MACD indicator, dropping below its signal line. This, coupled with a new surge of red histogram bars below the zero line, may signal an impending trend reversal.
Similarly, the RSI, currently at 59, is reversing from the overbought zone, denoting a loss of bullish momentum. If SPX fails to break above $1.47, it may find itself retreating toward the 61.8% Fibonacci level at $1.21.
