- STEPN set for another bullish round back to record highs, especially if the MACD presents a buy signal.
- SOL embraced support at $82 ahead of a TD Sequential buy signal, marking the beginning of recovery.
- CAKE stirs interest among investors after burning tokens worth $52 million.
Major cryptocurrencies like Bitcoin and Ethereum have experienced limited sustained recovery in the past few weeks, prompting investors to seek refuge in emerging tokens like STEPN. Solana’s SOL and PancakeSwap’s CAKE topped the list of trending cryptos on Wednesday for various reasons, some of which will be explored here.
STEPN (GMT) has enjoyed mass adoption and diverse appeal in record time across the world with some people using it as a gateway into the crypto space. The web3 platform brings together key emerging digital trends including the metaverse. And it is said to stand out for how simple the platform has been developed, thus ensuring inclusivity.
In the same way, STEPN’s native token has been one of the biggest contenders, allowing investors to recover from losses incurred in major coins and altcoins. GMT recently tipped the scales bullishly to a new all-time high of roughly $4.5.
However, the token affirmed the saying “what goes up must come down” as it retreated within a descending parallel channel. Higher support was embraced at $3.2 and GMT stepped above the middle boundary.
The Moving Average Convergence Divergence (MACD) may cultivate a breakout above the channel and place it on a recovery path if a buy signal comes into play in the upcoming sessions.
GMT/USD 4-hour Chart
SOL lost immense ground in April, almost touching its lowest price in March at $78. As discussed in previous analyses, higher support areas were overwhelmed by rising overhead pressure in the market.
With buyer congestion emerging at $82, SOL climbed to $86 and might close the day above $90. Based on the Stochastic RSI, the competitive smart contracts token may gradually continue to come under the bulls’ control.
Moreover, the TD Sequential indicator recently flashed a buy signal in the form of red nine candlesticks. If the signal is confirmed, SOL’s uptrend could be unstoppable while aiming for highs past $100.
In other news, Solana was attracting the attention of investors following fresh commitment from the development team to come up with resilient measures to curb network outages that became frequent in the first quarter.
SOL/USD Daily Chart
PancakeSwap has been trending on social media, particularly on Twitter, after announcing another coin burn worth $52 million. The price of CAKE reacted, but with a minor uptick to $7.5.
CAKE may have to flip above the descending channel’s middle boundary to affirm the uptrend eying $10. Besides, the Relative Strength Index (RSI) is required to break the downtrend to encourage sidelined investors to join the bandwagon.
CAKE/USD Daily Chart
It was worth noting that 100 SMA has limited CAKE’s immediate upside, and could make recovery an uphill task. In addition to that, if selling pressure increases, CAKE might be forced to explore more downside areas at the lower channel’s boundary and around $6.4.