Altcoins Rally Halts! Ethereum Classic And ENA Price Hints At A 10% Downtrend?

The post Altcoins Rally Halts! Ethereum Classic And ENA Price Hints At A 10% Downtrend? appeared first on Coinpedia Fintech News

The cryptocurrency market has recorded a negative price action despite approval of the spot Ethereum ETF by the SEC. following this, top Ethereum-based altcoins have displayed a similar trend by experiencing a significant correction in their respective portfolios.

However, with the market leader, BTC price displaying a consolidated trend, the mid-cap and low-cap altcoins continue to showcase a bullish price sentiment in the crypto space, highlighting a high possibility of an altcoin rally during the upcoming months.

Ethereum Classic Successfully Retests Its Support Zone: 

The ETC price continues to display a positive price action by recording a jump of 10.46% within the past seven days and 12.49% over the past 30 days. Moreover, the Ethereum Classic price has a Year-to-Date (YTD) return of 43.10%.

TradingView: ETC/USDT

Positively, the ETC token has successfully retested its support zone above the support level of $29, indicating an increase in the bullish sentiment for the altcoin. Moreover, the EMA 50/200-day records a positive price movement, suggesting a bullish outlook in the coming time.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, indicating a decline in the buying pressure within the crypto space. However, the averages show a constant uptrend, suggesting a mixed sentiment for the Ethereum Classic price.

If the market records a bullish price action, the ETC price will prepare to test its upper resistance level of $36 in the coming time. Conversely, a bearish price sentiment coils result in 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% within the past 24 hours, the Ethena price has added 18.64% to its portfolio over the past seven days. With a trading price of $0.8437 and a market cap of $1.275 Billion, the ENA token has secured the 70th spot on the global crypto market list.

TradingView: ENA/USDT

Furthermore, the ENA token has formed a bullish flag pattern in the 4H time frame and is on the verge of testing its support trendline, the outcome of which is unpredictable. Moreover, the SMA records a bearish cross-over, indicating an increase in the selling pressure.

The Relative Strength Index (RSI) has failed to breach its overbought range, resulting in it recording a sharp drop. Further, the averages show a bearish convergence, suggesting a negative outlook for the ENA price in the coming time.

If the market holds its price above the support level of $0.8406, the bulls will regain momentum and prepare to test its resistance trendline. Negatively, if the bears overpowered the bulls, the Ethena price will retest its lower support level of $0.7525 this month.