Altcoins
Best ETH-Based Altcoins to Stack Before the Next AltSeason!
Amid growing price volatility in the cryptocurrency market, the altcoin leader, Ethereum Price, continues to see solid price action, trading in a range of $3.3K to $3.4K. However, the altcoin is on the verge of testing its upper level, indicating growing bullish sentiment.
With this, major Ethereum-based altcoins such as Ethereum Name Service (ENS) and Ethena (ENA) have each added over 5% to their respective portfolios in the last 24 hours. Will these altcoins continue to gain momentum or will they erase their recent gains this week?
Ethereum Name Service (ENS) Price Analysis:
After recording a correction of 6.56% in the last seven days and 3.74% in the last month, ENS price has registered a jump of 8.21% in its portfolio in the last 24 hours with a change of – 13.42% in its trading volume.
However, the altcoin’s valuation has increased by 146% this year, indicating long-term bullish sentiment.
TradingView: ENS/USDT
The technical indicator, MACD, is showing a steady flat line on its price chart, indicating weak price action for the Ethereum-based token in the crypto space. Furthermore, the averages are trending neutrally, suggesting uncertainty about the future price trend of the Ethereum Name Service.
If the bulls continue to gain momentum, the ENS coin price will prepare to test its upper $30 resistance level again in the coming times. However, in case of a bearish reversal, the altcoin will lose momentum and head towards the $19.10 low.
Ethena price shows an increase in bullish price sentiment:
THE ENA price it has been consistently trading with bearish sentiment for a short period and over the past 3 months it has fallen 61.60% in terms of valuation from its previous high of $1.52. On the bright side, this altcoin has jumped about 5% over the past day, indicating a potential bullish reversal.
TradingView: ENA/USDT
The simple moving average (SMA) shows a high possibility of a positive crossover on its price chart, suggesting growing bullish sentiment for the Ethena Price in the crypto space.
Furthermore, the RSI indicator has successfully tested its oversold range with its average registering a potential bullish convergence on the 1D time frame. This highlights an increase in buying/selling pressure for the ENA coin price in the market.
If the bullish sentiment intensifies, the Ethena cryptocurrency will start trading under a positive influence and prepare to head towards its important $1 resistance level. Conversely, if the bears regain momentum, the ENA token will plummet towards the crucial support level of $0.525 in the coming month.