Top Gainers DEXE SPX XAUt: Altcoins tumble after US-China trade deal “stalled”

• US Treasury Secretary tags the trade negotiations with China as “stalled.”
• Bitcoin drops below $106,000, triggering a market-wide panic as a US appeals court temporarily reinstates trade barriers. 
• Despite the uncertainty, some mid-cap altcoins hold bullish momentum to scale higher.

The broader cryptocurrency market dropped 2.58% on Thursday as the uncertainty resurfaces in the US trade wars. The US Treasury Secretary, Scott Bessent, states the ongoing trade discussions with China are stalled, while the US appeals court temporarily reinstated the tariffs after a separate US court blocked the policy. 

Bessent, in an interview, revealed that the stalled discussions could lead to a meeting at the President level between Donald Trump and Xi Jinping. 

Trump’s tariff policy faces headwinds within the domestic lines after a second US court rules against the notion. Following the blockade, the Trump administration took the matter to the US Court of Appeals for the Federal Circuit, which reinstated the tariffs amid the appeal. 

With the resurfacing of tariff turmoil, the rising uncertainty has declined investor sentiment, resulting in a pullback in Bitcoin (BTC) and other top altcoins. Momentarily, the BTC price dropped below $106,000, with Ethereum (ETH) declining to under $2,600. Other top altcoins such as Ripple’s (XRP), Solana (SOL), and Dogecoin (DOGE) are down 3% to 7% as the market turns red. 

DEXE shines bright green as the market turns red

The Dexe (DEXE) trades at $14.09 at press time after a 13.07% surge on Thursday, creating a bullish engulfing candle. The sudden surge comes amid the ongoing DeXe MemeMania, a meme coin contest that is set to conclude on May 30. 

DEXE surge is close to flipping the Supertrend indicator line to green, reinstating a bullish trend. Additionally, the Moving Average Convergence/Divergence (MACD) and its signal line trigger a buy signal with the recent positive crossover and a fresh wave of green histogram bars. 

The bullish engulfing candle exceeds a long-standing trendline starting from February 25, resulting in multiple lower highs. The breakout rally could face immediate resistance at the $15.46 peak (May 7), followed by $18.43 (April 1).

DEXE/USDT daily price chart. Source: Tradingview

On the flip side, a reversal from $14, failing to reinstate the uptrend, could retest the declining trendline near $13.50, followed by a support zone at $12.51. 

SPX meme coin nears key resistance

SPX6900 (SPX) holds the 23% weekly gains so far as it trades at $1.11 at press time. The SPX rally breaks above the $1 psychological resistance, the 50- and 200-day Exponential Moving Averages (EMAs) hint at a golden cross, a buy signal, as short-term trend gains momentum. 

Based on the Fibonacci retracement extending between January 17 and March 11 from $1.53 to $0.29, the halfway level (50%) is at $0.91. As the uptrend scales towards the 78.6% Fibonacci level at $1.26, a profit booking drive could result in a pullback. A reversal in SPX could retest the 50% Fibonacci level at $0.91. 

SPX/USDT daily price chart. Source: Tradingview

A breakout above $1.26 could test the January 17 peak at $1.53. 

Tether gold rises amid uncertainty

Gold, a commodity historically known to surge amid global market instability, leads the crypto market gains in the form of Tether’s gold stablecoin, XAUt. It tracks the price of one troy ounce of gold on a 1:1 basis. 

Amid tariff uncertainty, XAUt trades at $3,310 at press time after a 1.36% surge on Thursday. However, the stablecoin forms lower highs on April 22, May 7, and May 25, creating a local resistance trendline as it faces headwinds. The recent surge sprouts from a long-standing support trendline with bottoms on April 9, May 15, and May 29. 

The converging trendlines form a triangle pattern on the daily chart shared below. XAUt is on the brink of a high momentum as the price action nears the triangle’s apex. A bullish breakout could test the April 21 peak at $3,462. 

XAUt/USDT daily price chart. Source: Tradingview

On the flip side, the 50-day EMA near the support trendline at $3,258 is a crucial support. However, a breakdown of the triangle could cause the Tether Gold price to decline to the May 15 opening price of $3,182.