Ethereum
Ethereum-Based Altcoins Lead the Rally! Will ENA and ENS tokens outperform the best Altcoins?
Following the conclusion of Ethereum’s ongoing lawsuit with the SEC, the cryptocurrency market has seen a strong bullish reversal, with major tokens seeing significant gains in their respective valuations. Additionally, the Ethereum Price jumped 3.5%, allowing it to reclaim the $3.5k mark.
With this, major Ethereum-based tokens such as ENA and ENS managed to break through their important resistance levels, highlighting an increase in bullish sentiment within the crypto space.
Are you considering investing in these tokens? Let’s go, as in this article we have covered the market sentiment, price analysis and potential short-term price targets of Ethereum Name Services (ENS) and Ethena (ENA) for this month- this.
ENS token about to test its significant resistance level:
Despite the increased price volatility in the market, ENS price continues to show positive price action by adding 15.46% over the past day with a change of +34.59% in its volume. transactions. Additionally, this Ethereum-based token has surged 82.75% over the past month and has a cumulative return of 158.21%.
TradingView: ENS/USDT
The simple moving average (SMA) is registering a strong bullish curve in the price chart, suggesting an increase in positive price action for the Ethereum Name Service token this week.
The technical indicator RSI successfully retested its neutral point, which allowed the ENS crypto to consistently move towards its overbought range. On the other hand, the average shows a bullish curve in the price chart, highlighting positive prospects for the altcoin in the coming times.
If the market sustains ENS price above the $26.50 resistance level, bulls will prepare to test its important $30 resistance level. However, in the event of a bearish reversal, Ethereum Name Service price could plunge towards its crucial support level of $19 this month.
Ethena Price records a bullish reversal:
THE ENA Prize has been trading in a strong bearish sentiment registering a correction of 8.79% in the last seven days and 11.07% in the last 30 days. This sent the altcoin falling towards its crucial support level of $0.5520.
However, following the altcoin surge, Ethena price managed to regain its momentum and recorded a 5.89% jump in valuation with a 15.65% decrease in trading volume.
TradingView: ENA/USDT
Additionally, the ENA crypto price surged 12.14% this week, highlighting a growing bullish sentiment for this altcoin in the crypto space.
The Moving Average Convergence Divergence (MACD) is showing a significant decline in the red histogram, indicating an increase in positive sentiment in the crypto space. Furthermore, the averages record a bullish convergence, suggesting the Aethena Token will continue to increase in value this week.
If the bulls continue to gain momentum, ENA coin price will surpass its important resistance level of $0.7250 and head towards its high of $0.820. Conversely, if the bears dominated the bulls, this could cause the Ethena cryptocurrency to fall towards its crucial support level of $0.5520.