Altcoin
Will These Altcoins Lead the Rally Amid Ethereum (ETH) Price Surge?
With the altcoin leader, Ethereum pricereclaiming the $3,800 mark, the top tokens in the cryptocurrency market have seen significant bullish price action in the past few hours.
Furthermore, ETH-based tokens recorded the highest gains, indicating an increase in buying/selling pressure in the cryptocurrency market. Given the currency market sentiments, is it the right time to invest in altcoins? As the market shows a high possibility of a price rise this week.
Ethena (ENA) price shows bullish bounce:
THE Ethena Price recorded a significant increase of 17.83% with an increase of 182.63% in trading volume in the last day. Furthermore, after hovering near the $0.750 support/resistance level, the bulls successfully recorded a bounce within the established range.
TradingView: ENA/USDT
On the positive side, with an ENA trading price of $0.834, a market capitalization of $1.297 billion, and a circulating supply of 1,520,312,500 ENA tokens, it has successfully grabbed the 72nd spot on the global cryptocurrency market list.
Furthermore, the SMA shows a bullish curve, suggesting a positive outlook for the altcoin in the near future. On the other hand, the RSI fell sharply after breaking above the overbought range, with its average showing an upward trend.
If the market continues to gain momentum, the Price of ENA coins will prepare to test the $1 threshold again by next weekend. However, if the downtrend intensifies, Ethena price will plummet towards the $0.750 support level this month.
LDO price breaks above its important resistance level!
After recording a new yearly low of around $1.50, the LDO price showed a massive increase of 30.81% in the last 24 hours with a trading volume of $449.57 million, a jump of 419.55%. Furthermore, its intraday gains amount to +10,312%, suggesting growing bullish sentiment for the altcoin.
TradingView: LDO/USDT
The Cross 50/200 day EMA shows bullish price convergence, suggesting a positive trend reversal in the cryptocurrency sector. Furthermore, the RSI shows bullish sentiment comfortably surpassing the midpoint with its head aligned towards the overbought range.
With this, if the market holds the Price Lido Dao above the $2.235 support level, the bulls will prepare to retest the $3 upper resistance level during the coming week. Conversely, if the rally fades, the Lido token will record a bearish reversal on the chart and head towards its support at $1.84.
Pyth Network (PYTH) price suggests a bullish breakout:
After the cross-border market rally, the PYTH price recorded a jump of 10.25% with a change of +27.38% in trading volume in the last day. Furthermore, the PYTH token has gained around 50% this year, suggesting positive prospects for this crypto token in the coming weeks.
TradingView: PYTH/USDT
Despite trading in a descending channel pattern on the 1D time frame, Pyth price managed to maintain its value above the $0.4225 support level, highlighting an increase in bullish sentiment for the altcoin in the cryptographic space.
On the upside, the simple moving average (SMA) shows a bullish crossover on the 1D time frame, suggesting a positive outlook for the altcoin in the near future. Furthermore, the RSI successfully tested its oversold range again, resulting in a strong bullish leap on the chart.
If market sentiments favor the bulls, PYTH price will prepare to retest its upper resistance level of $0.7650 during the next week. However, a bearish sentiment could lead the altcoin to break its crucial support level.
Will Ethereum-Based Tokens Spark an Altcoin Rally?
The altcoin leader, Ethereum price, is on the verge of testing its upper resistance level of $3,800, highlighting a steady increase in buying pressure and an increase in bullish sentiment within the crypto space.
Suppose the Ethereum spot ETF is approved by the SEC, this could soon lead the Ethereum price to rise towards its target price of $5,000. Furthermore, this could lead to a possible altcoin season.