Altcoins
The Altcoins rally stops! Ethereum Classic and ENA Prices Suggest 10% Downtrend?
The cryptocurrency market recorded negative price action despite the approval of the Ethereum spot ETF by the SEC. Following this, major Ethereum-based altcoins showed a similar trend by experiencing a significant correction in their respective portfolios.
However, at the market leader, BTC Price Showing a consolidated trend, mid- and small-cap altcoins continue to exhibit bullish price sentiment in the crypto space, highlighting a strong possibility of an altcoin rally over the coming months.
Ethereum Classic successfully retests its support zone:
THE ETC Price continues to show positive price action by registering a jump of 10.46% in the last seven days and 12.49% in the last 30 days. Additionally, the Ethereum Classic price has a year-to-date return (YTD) of 43.10%.
TradingView: ETC/USDT
Positively, the ETC token successfully retested its support zone above the $29 support level, indicating an increase in bullish sentiment for the altcoin. Additionally, the 50/200 day EMA registers positive price movement, suggesting a bullish outlook in the times to come.
The Moving Average Convergence Divergence (MACD) is showing a steady decline in the green histogram, indicating a decline in buying pressure within the crypto space. However, the averages show a steady upward trend, suggesting mixed sentiment towards the sector. Ethereum Classic Price.
If the market registers any bullish price action, ETC price will prepare to test its upper resistance level of $36 in the coming times. Conversely, bearish price sentiment has the altcoin testing its important support level of $29 this month.
ENA price forms a bullish flag pattern!
Despite recording a correction of less than 1% over the last 24 hours, the Ethena Price 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 on the global crypto market list.
TradingView: ENA/USDT
Additionally, the ENA token has formed a bull flag pattern over the 4-hour time frame and is about to test its support trendline, the outcome of which is unpredictable. Additionally, the SMA records a bearish crossover, indicating an increase in selling pressure.
The Relative Strength Index (RSI) failed to break out of its overbought range, resulting in a sharp decline. Furthermore, the averages show bearish convergence, suggesting a negative outlook for the market. ENA Prize in the time to come.
If the market sustains its price above the $0.8406 support level, the bulls will regain momentum and prepare to test its resistance trendline. Negatively, if the bears dominate the bulls, Ethena price will retest its lower support level of $0.7525 this month.
Also discover: Will Ethereum follow in Bitcoin’s footsteps and undergo a 20% retracement over the next 15 days?