Altcoins are Breaking Out Amid Growing Bearish Activity—Will TAO & ENA Price Record a Bullish Quarterly Close?

The crypto markets are heading towards the end of the quarter and after an interim upswing, the prices of most of the tokens have been facing significant upward pressure. During the weekend, the Bitcoin price surged above $66,500, which squashed the possibility of a bearish close for the quarter. However, the bears have started to exert some pressure, but some of the altcoins like Bittensor (TAO), Ethena (ENA) & Mina (MINA) remain elevated, aiming to close the quarterly trade on a bullish note. 

Bittensor (TAO) Price Analysis

• After breaking above the expanding channel, the TAO price triggered a massive 80% upswing but failed to rise above $600

• The price has broken above the consolidation zone between $590 and $520 and is trying to close the day’s trade above $600, validating a rise from the bearish influence

• The RSI remains stuck within the upper threshold, suggesting a breakout from the bull flag at the earliest

• With this, the Bittensor price is believed to trigger a huge bull run and mark a 4-digit figure before the end of the year.

Ethena (ENA) Price Analysis

• The Ethena price has been trading within a strong descending parallel channel and the recent upswing has pushed the price to the resistance

• The price is facing some bearish pressure and as a result, the price may face a small pullback

• However. The technicals remain in bullish favour as the RSI enters the upper threshold and the OBV rebounded from the lows and heads towards the upper threshold

• Therefore, the ENA price is believed to break out of the channel and trigger a 65% upswing to reach $0.7 in the next few weeks.

Meanwhile, the other altcoins like Arweave (AR), Mina (MINA), & Beam (BEAM) have been maintaining a steep ascending trend. Besides, Uniswap (UNI) & Bonk (BONK) are preparing to trigger a bullish rebound. Therefore, this suggests the markets are turning bullish ahead of the quarterly close, and hence, the Q4 trade may display vibrant moves.