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Ethereum-Based Altcoins Lead the Rally! Will ENA and ENS Tokens Outperform Top Altcoins?
Following the conclusion of Ethereum’s ongoing case with the SEC, the cryptocurrency market has seen a strong bullish reversal with top tokens recording significant gains in their respective valuations. Furthermore, the Ethereum price it jumped by 3.5%, thus returning to the threshold of 3.5 thousand dollars.
With this, major Ethereum-based tokens such as ENA and ENS have successfully broken through their important resistance levels, highlighting an increase in bullish sentiment within the crypto space.
Are you thinking of 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.
The ENS token is about to test its important resistance level:
Despite increased price volatility in the market, ENS price continues to show positive price action adding 15.46% over the past day with a change of +34.59% in its trading volume. Furthermore, this Ethereum-based token is up 82.75% over the past month and has a year-to-date return of 158.21%.
TradingView: ENS/USDT
The simple moving average (SMA) is recording a strong bullish curve on the price chart, suggesting an increase in positive price action for the Ethereum Name Service token this week.
The technical indicator, RSI, successfully tested its neutral point again, causing the ENS cryptocurrency to steadily head towards its overbought range. On the other hand, the average shows a bullish curve in the price chart, highlighting a positive outlook for the altcoin in the near future.
If the market holds the ENS price above the $26.50 resistance level, the bulls will prepare to test its important $30 resistance level. However, in case of a bearish reversal, Ethereum Name Service price could plummet towards the crucial $19 support level this month.
Ethena price records a bullish reversal:
THE ENA price has been trading with a strong bearish sentiment registering a correction of 8.79% in the last seven days and 11.07% in the last 30 days. This led to the altcoin falling towards its crucial support level of $0.5520.
However, following the altcoin surge, Ethena price successfully regained momentum and recorded a 5.89% jump in valuation with a 15.65% drop in trading volume.
TradingView: ENA/USDT
Furthermore, the price of ENA cryptocurrency increased by 12.14% this week, highlighting a growing bullish sentiment for this altcoin in the cryptocurrency sector.
The Moving Average Convergence Divergence (MACD) shows a significant drop in the red histogram, indicating an increase in positive sentiment in the crypto space. Furthermore, the averages record a bullish convergence, suggesting the Ethena’s Token will continue to gain value this week.
If the bulls continue to gain momentum, the ENA coin price will break above its important resistance level of $0.7250 and head towards its upper high of $0.820. Conversely, if the bears get the better of the bulls, this could lead to the Ethena cryptocurrency falling towards its crucial support level of $0.5520.