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The post AltSeason Alert: These Altcoins To Lead Rally Amid Ethereum (ETH) Price Surge? appeared first on Coinpedia Fintech News
With the altcoin leader, Ethereum price, reclaiming the $3,800 mark, top tokens in the crypto market have experienced a significant bullish price action within the past few hours.
Moreover, the ETH-based tokens have recorded the highest gains, indicating an increase in the buying-over-selling pressure in the crypto market. With the currency market sentiments, is this the right time to invest in altcoins? As the market shows a high possibility of a price rally this week.
Ethena (ENA) Price Displays Bullish Rebound:
The Ethena price has recorded a significant jump of 17.83% with an 182.63% surge in its trading volume within the past day. Further, after hovering close to its support/resistance level of $0.750, the bulls have successfully recorded a bounceback within the consolidated range.
TradingView: ENA/USDTPositively, with a trading price of ENA stands at $0.834, a market cap of $1.297 Billion, and a circulating supply of 1,520,312,500 ENA tokens, it has successfully claimed the 72nd spot on the global crypto market list.
Moreover, the SMA shows a bullish curve, suggesting a positive outlook for the altcoin in the coming time. On the other hand, the RSI has recorded a sharp plunge after surpassing the over-bought range, with its average displaying an upward trend.
If the market continues to gain momentum, the ENA coin price will prepare to retest its $1 mark by the coming weekend. However, if the bearish trend intensifies, the Ethena price will plunge toward its support level of $0.750 this month.
LDO Price Breaks Out Of Its Important Resistance Level!
After recording a new yearly low of around $1.50, the LDO price has displayed a massive surge of 30.81% within the past 24 hours with a trading volume of $449.57 Million, a jump of 419.55%. Moreover, its intraday gains stand at +10.312%, suggesting a rising bullish sentiment for the altcoin.
TradingView: LDO/USDTThe Cross EMA 50/200-day shows a bullish price convergence, suggesting a positive trend reversal in the crypto space. Moreover, the RSI displays a bullish sentiment by comfortably surpassing the mid-point with its head aligned toward the over-bought range.
With this, if the market holds the Lido Dao price above the support level of $2.235, the bulls will prepare to retest its upper resistance level of $3 during the upcoming week. Conversely, if the rally fades, the Lido token will record a bearish reversal in the chart and head toward its support of $1.84.
Pyth Network (PYTH) Price Hints A Bullish Breakout:
Following the cross-border market rally, the PYTH price has displayed a jump of 10.25% with a change of +27.38% in its trading volume over the past day. Furthermore, the PYTH token has added approximately 50%, this year suggesting a positive outlook for this crypto token during the upcoming weeks.
TradingView: PYTH/USDTDespite trading in a descending channel pattern in the 1D time frame, the Pyth price has managed to hold its value above the support level of $0.4225, highlighting an increase in the bullish sentiment for the altcoin in the crypto space.
Positively, the Simple Moving Average (SMA) displays a bullish crossover in the 1D time frame, suggesting a positive outlook for the altcoin in the coming time. Furthermore, the RSI successfully retested its oversold range, resulting in a strong bullish jump in the chart.
If the market sentiments favor the bulls, the PYTH price will prepare to retest its upper resistance level of $0.7650 during the upcoming week. However, a bearish sentiment could result in the altcoin breaking down its crucial support level.
Will Ethereum-based Tokens Ignite An Altcoin Rally?
The altcoin leader, Ethereum price, is on the verge of testing its upper resistance level of the $3,800 mark, highlighting a constant rise in the buying pressure and increased bullish sentiment within the crypto space.
Suppose, the Ethereum spot ETF gets approved by the SEC, this could result in the Ethereum price surging towards its target price of $5,000 soon. Further, this could result in a possible altcoin season.
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