Ethereum

Rally

Ethena

Ethereum Classic

The post <a href="https://coinpedia.org/price-analysis/altcoins-rally-halts-ethereum-classic-and-ena-price-hints-at-a-10-downtrend/">Altcoins Rally Halts! Ethereum Classic And ENA Price Hints At A 10% Downtrend?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> 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. 
<h2 class="wp-block-heading" id="h-ethereum-classic-successfully-retests-its-support-zone-nbsp">Ethereum Classic Successfully Retests Its Support Zone:&nbsp;</h2> 
The <a href="https://coinpedia.org/price-prediction/etc-ethereum-classic-price-prediction/" target="_blank" rel="noreferrer noopener">ETC price</a> 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%. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/ujzconkAo-DUEPkV1zI5C250edUdhRldTIHSJU5Ojah1Q5FF4Mp8HOWesJyuCPeF3aIYqg-xGD9vs2RthWIMPZVqt93jL5non-y8M1lIgfRg3sSUdcKn5-CYjox1x8TZCJ_p5VYNV1zygiWL_7jCc2U" alt="ETC Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: ETC/USDT
 </figcaption>
</figure> 
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 <a href="https://markets.coinpedia.org/ethereum-classic/" target="_blank" rel="noreferrer noopener">Ethereum Classic price</a>. 
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. 
<h2 class="wp-block-heading" id="h-ena-price-forms-a-bullish-flag-pattern">ENA Price Forms A Bullish Flag Pattern!</h2> 
Despite recording a correction of less than 1% within the past 24 hours, the <a href="https://coinpedia.org/price-prediction/ethena-price-prediction-2024-2030-will-ena-price-cross-10/" target="_blank" rel="noreferrer noopener">Ethena price</a> 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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/GcP-9gIA1isCDUsqRJUqf25dBtHfN1MI1xIhPLlabD_KBwzTos2AqHvHyVCJZWXz0ywwnUqSS1PDlRj1s_kE84v36EAG5OW8axv1P_r5j10aDRC8xFVUkiF-PgtmgNM3KHs8rXQSuIXzhg26Rsgx2-g" alt="Ethena Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: ENA/USDT
 </figcaption>
</figure> 
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 <a href="https://markets.coinpedia.org/ethena/" target="_blank" rel="noreferrer noopener">ENA price</a> 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.

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

Table of Contents

CoinPedia News

Other articles published on May 24, 2024

Decimal Digest

Bitcoin Price Prediction: BTC Plummets 3% As Rate Fears Overshadow Ethereum ETF Approvals, But Th...

Options Expiry Alert: Bitcoin and Ether Contracts Worth $2.7 Billion Set to Expire Soon

Polygon And Cardano Trend Upwards, But Raboo Is Leading The Way With a Smashing 40% Surge

FDIC Chairman Martin Gruenberg to Resign Amid Toxic Workplace Investigation

Top DOG: Bitcoin’s Most Successful Rune to Date Rallies, Eyes Exchange Listings

Join our free newsletter for daily crypto updates!