TOP 4 altcoins with prominent trends today - October 7th

In the past 24 hours, MYX Finance (MYX) and Plasma (XPL) have surged strongly with double-digit gains, becoming the focal point driving the bounce back of the crypto market. Concurrently, Mantle (MNT) and PancakeSwap (CAKE) continue to maintain an upward trend with optimistic technical signals, as trading momentum continues to increase.

MYX Finance may be performing a "dead cat bounce"

As of Tuesday afternoon, MYX Finance continued to increase by 7%, extending the previous session's breakout of 27%. This is the second consecutive day of bounce back, indicating that buying pressure is returning, with a short-term target at the 50-day exponential moving average (EMA) at 7.98 USD.

If the price can decisively break through this level, MYX is likely to extend the bullish trend to the 10 USD range, before heading towards the 10.53 USD mark – the closing level recorded on September 15.

MYX/USDT daily chart | Source: TradingViewHowever, technical signals still warn of risks. The RSI index remains at 42, below the neutral threshold of 50, indicating that upward momentum is still weak. Additionally, the MACD remains in a bearish phase, with the signal line tilted towards the bears.

If the bounce back momentum is not strong enough to overcome the selling pressure, MYX may retest the bottom region of 4.46 USD formed on Sunday. In case this level is broken, the 2.45 USD area – corresponding to the peak on August 17 – will become the next important support zone.

Plasma bounce back, signal to expand the uptrend

Plasma (XPL) is extending its rally for the third consecutive day, marking an impressive bounce back after losing up to 36% of its value last week. As of the time of writing, XPL has increased by more than 2% on Tuesday, following a 12% rise in the first session of the week – a sign that buying pressure is gradually returning.

This recovery has helped XPL regain the important psychological threshold of 1.00 USD and is currently heading towards the 1.09 USD zone – the peak established on October 1st. If the closing price exceeds this level, the upward trend could be extended to the 1.39 USD area, coinciding with the strong support zone formed on the 4-hour chart on September 28th.

XPL/USDT chart 4-hour | Source: TradingViewTechnical signals also support the bullish scenario: the RSI indicator has risen to 64, approaching the overbought area, while the MACD has just crossed above the 0 line – confirming that the upward momentum is strengthening. Conversely, if XPL turns around and falls below 1.00 USD, the nearest support area will be around 0.85 USD.

Mantle reaches historical peak, temporarily cools down

Mantle (MNT) has broken above the short-term resistance line, breaking the bullish wedge pattern that Coin Photon previously predicted. However, as of the time of writing on Tuesday, MNT has decreased by more than 3% after an impressive 17% increase the day before – thus setting a new all-time high at 2.48 USD.

The correction occurred right after the price touched the resistance area R2 at 2.47 USD. If MNT can close firmly above this level, the uptrend is likely to continue, targeting the next goal around the R3 area, approximately 2.99 USD.

MNT/USDT daily chart | Source: TradingViewOn the daily chart, the RSI index maintains at 70, reflecting strong buying pressure, while the MACD line and the signal line continue to trend upwards, indicating that the bullish momentum is still being reinforced.

Conversely, if the correction pressure persists, MNT may revisit the support area R1 around 2.11 USD – a region that previously served as a significant resistance threshold.

PancakeSwap extends its rally after breaking out of the triangle pattern

PancakeSwap (CAKE) continues to hold above the 3.75 USD mark during Tuesday's trading session, after a nearly 17% bounce back in the previous session – forming a highly positive "bullish engulfing" candlestick pattern on the technical chart.

Daily CAKE/USDT chart | Source: TradingViewThe strong bounce back from the 3.165 USD range is opening up a new target around 4.194 USD – corresponding to the peak established on December 9. The token of this decentralized exchange (DEX) is currently attracting significant interest from investors, as the RSI indicator is at 69, approaching the overbought zone, while the MACD line and signal line continue to maintain a stable upward trend.

However, if CAKE adjusts and falls below the psychological level of 3.50 USD, the price may return to test the support area of 3.165 USD – an area that previously played an important resistance role in the ascending triangle pattern.

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