Toncoin (TON) and Ethena (ENA) Continue to Rise as Markets Display Strength: Here is What’s Next!
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The crypto markets appear to have gained some attention as the prices of the popular tokens have been highly volatile. As Bitcoin price attempts to reach higher targets, the altcoins also appear to have geared up to rise beyond the key resistance levels. Meanwhile, tokens like Toncoin & Ethena have gained significant attention from market participants and hence, a huge price action is awaited in the next few weeks.
Toncoin (TON) Price Analysis
- TON price traded remarkably for over a couple of weeks, and remained elevated until it reached the upper resistance zone, which is the last barrier in forming a new ATH
- The trade set-up appears to be bullish, while the technicals suggest the price may undergo a notable pullback as the bulls may soon face exhaustion
- The RSI is entering the overbought zone, while the DMI may turn bearish before marking the upper threshold.
- Therefore, the Toncoin price is believed to consolidate within the resistance zone between $7.2 and $7.6 for a while and later rise beyond $8, marking a new ATH
- After this, the buying volume is expected to drop, which may pull down the pressure. Eventually, dragging the price towards the interim support at $6.6 and a failure may compel to test the lower ranges around $5.5
Ethena (ENA) Price Analysis
- The ENA price has been trading within a steep-descending trend ever since the token marked highs during the last trading month
- The price has made enough attempts to surpass the upper resistance of the falling wedge but has ended up visiting fresh lows
- Furthermore, the Bollinger bands have converged and are going parallel to each other, indicating a continuation of a prevailing trend
- Besides, the MACD remains within bearish influence but is displaying a drop in selling pressure. However, the drop in buying volume has prevented the token from breaching the upper resistance
- Therefore, the ENA price is believed to trade under bearish influence and reach the apex of the falling wedge at $0.7, which may result in a bullish breakout towards $1
