Ethereum-based Altcoins Lead The Rally! ENA And ENS Tokens To Outperform Top Altcoins?

Following the conclusion of Ethereum’s ongoing case with the SEC, the cryptocurrency market has experienced a strong bullish reversal with top tokens recording significant gains in their respective valuation. Moreover, the Ethereum price has jumped 3.5%, resulting in it reclaiming the $3.5K mark.

With this, top Ethereum-based tokens such as ENA and ENS have successfully breached their important resistance levels, highlighting an increase in the bullish sentiment within the crypto space.

Planning on 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.

ENS Token On The Verge Of Testing Its Important Resistance Level:

Despite increased price volatility in the market, the ENS price continues displaying positive price action by adding 15.46% within the past day with a change of +34.59% in its trading volume. Furthermore, this Ethereum-based token has surged 82.75% over the past month and has a YTD return of 158.21%.

The Simple Moving Average (SMA) records a strong bullish curve in the price chart, suggesting an increase in the positive price action for the Ethereum Name Service token this week.

The technical indicator, RSI, has successfully retested its neutral point, resulting in the ENS crypto constantly heading toward 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 coming time.

If the market holds the ENS price above the resistance level of $26.50, the bulls will prepare to test its important resistance level of $30. However, in case of a bearish reversal, the Ethereum Name Service price could plunge toward its crucial support level of $19 this month.

Ethena Price Records A Bullish Reversal:

The ENA price has traded under a strong bearish sentiment by recording a correction of 8.79% within the past seven days and 11.07% over the past 30 days. This resulted in the altcoin dropping toward its crucial support level of $0.5520.

However, following the altcoin surge, the Ethena price has successfully regained momentum and has recorded a jump of 5.89% in valuation with a decrease of 15.65% in trading volume.

Moreover, the ENA crypto price has surged 12.14% this week, highlighting a rising bullish sentiment for this altcoin in the crypto space.

The Moving Average Convergence Divergence (MACD) displays a significant decline in the red histogram, indicating an increase in positive sentiment in the crypto space. Furthermore, the averages record a bullish convergence, suggesting the Ethena token will continue gaining value this week.

If the bulls continue to gain momentum, the ENA coin price will break out of its important resistance level of $0.7250 and head toward its upper high of $0.820. Conversely, if the bears overpowered the bulls, this may result in the Ethena crypto dropping toward its crucial support level of $0.5520.