Altcoin
Altcoin Rally Stops! Does Ethereum Classic and ENA price suggest a 10% downtrend?
The cryptocurrency market saw negative price action despite the SEC’s approval of the Ethereum spot ETF. Subsequently, major Ethereum-based altcoins showed a similar trend and experienced a significant correction in their respective portfolios.
However, with the market leader, BTC price Showing an established trend, mid- and small-cap altcoins continue to display bullish price sentiment in the crypto space, highlighting a high possibility of an altcoin rally in the coming months.
Ethereum Classic successfully tests its support zone again:
THE Price ETC continues to show positive price action registering a jump of 10.46% in the last seven days and 12.49% in the last 30 days. Furthermore, Ethereum Classic price has a year-to-date (YTD) return of 43.10%.
TradingView: ETC/USDT
On the upside, the ETC token successfully retested its support zone above the $29 support level, indicating an increase in bullish sentiment for the altcoin. Furthermore, the 50/200 day EMA registers positive price movement, suggesting a bullish outlook for the foreseeable future.
The Moving Average Convergence Divergence (MACD) shows a steady decline in the green histogram, indicating a decline in buying pressure within the crypto space. However, the averages show a consistent upward trend, suggesting mixed sentiment for the Classic Ethereum Price.
If the market registers bullish price action, the ETC price will prepare to test its upper resistance level of $36 in the coming time. Conversely, a bearish price sentiment leads the altcoin to test its important $29 support level this month.
ENA price forms a bullish flag pattern!
Despite recording a correction of less than 1% in the last 24 hours, the Ethena Price has added 18.64% to its portfolio in the last seven days. With a trading price of $0.8437 and a market capitalization of $1.275 billion, the ENA token has secured the 70th place in the global cryptocurrency market list.
TradingView: ENA/USDT
Furthermore, the ENA token has formed a bullish flag pattern on the 4H time frame and is on the verge of testing its support trendline, the outcome of which is unpredictable. Furthermore, the SMA registers a bearish crossover, indicating increased selling pressure.
The Relative Strength Index (RSI) failed to break out of its overbought range, registering a sharp decline. Furthermore, the averages show bearish convergence, suggesting a negative outlook for the ENA price in the next future.
If the market sustains its price above the $0.8406 support level, the bulls will regain momentum and prepare to test its trendline resistance. On the downside, if the bears get the better of the bulls, Ethena price will retest its lower support level of $0.7525 this month.