Altcoins
Will These Altcoins Lead the Rally Amid Ethereum (ETH) Price Surge?
With the altcoin leader, Ethereum PriceReclaiming the $3,800 mark, major crypto market tokens have seen significant bullish price action over the past few hours.
Additionally, ETH-based tokens saw the highest gains, indicating an increase in buying-on-selling pressure in the crypto market. Considering the mood of the currency market, is now the right time to invest in altcoins? The market showing a strong possibility of price increases this week.
The price of Ethena (ENA) shows a bullish rebound:
THE Ethena Price recorded a significant jump of 17.83% with an increase of 182.63% in its trading volume over the past day. Moreover, after oscillating near its support/resistance level of $0.750, the bulls managed to register a bounce within the consolidated range.
TradingView: ENA/USDT
Fortunately, with ENA trading price standing at $0.834, a market capitalization of $1.297 billion, and a circulating supply of 1,520,312,500 ENA tokens, it managed to claim the 72nd spot on the list global crypto market.
Additionally, the SMA shows a bullish curve, suggesting a positive outlook for the altcoin in the times to come. On the other hand, the RSI recorded a sharp fall after breaking above the overbought range, with its average showing an upward trend.
If the market continues to gain momentum, ENA coin prices will prepare to retest its $1 mark by next weekend. However, if the downtrend intensifies, Ethena price will plunge this month towards its support level of $0.750.
LDO price breaks its important resistance level!
After recording a new yearly low of around $1.50, the LDO Price posted a massive rise of 30.81% in the last 24 hours with a trading volume of $449.57 million, a jump of 419.55%. Additionally, its intraday gains stand at +10.312%, suggesting growing bullish sentiment for the altcoin.
TradingView: LDO/USDT
The 50/200 day Cross EMA shows bullish price convergence, suggesting a positive trend reversal in the crypto space. Additionally, the RSI displays bullish sentiment by comfortably surpassing the midpoint with its head aligned towards the overbought range.
With this, if the market holds up Lido Dao price above the $2.235 support level, bulls will prepare to retest its $3 higher resistance level in the coming week. Conversely, if the rally fades, the Lido token will register a bearish reversal on the chart and head towards its support at $1.84.
The Pyth Network (PYTH) price suggests a bullish breakout:
Following the resumption of the cross-border market, the PYTH Price posted a jump of 10.25% with a variation of +27.38% in its trading volume over the last day. Additionally, the PYTH token is up approximately 50%, this year, suggesting a positive outlook for this crypto token in the coming weeks.
TradingView: PYTH/USDT
Despite a descending channel pattern during the 1D timeframe, Pyth price managed to maintain its value above the $0.4225 support level, highlighting an increase in bullish sentiment for the altcoin in the space crypto.
Positively, the simple moving average (SMA) displays a bullish crossover on the 1D timeframe, suggesting a positive outlook for the altcoin in the times to come. Additionally, the RSI successfully retested its oversold range, resulting in a strong bullish jump in the chart.
If market sentiment favors the bulls, PYTH price will prepare to retest its upper resistance level of $0.7650 in the coming week. However, bearish sentiment could lead the altcoin to break its crucial support level.
Will Ethereum-Based Tokens Spark an Altcoin Rally?
Altcoin leader Ethereum price is set to test its upper resistance level of the $3,800 mark, highlighting a steady increase in buying pressure and increased bullish sentiment within the crypto space.
Suppose the Ethereum spot ETF is approved by the SEC, this could soon cause the price of Ethereum to rise towards its target price of $5,000. Additionally, this could lead to a possible altcoin season.