Toncoin (TON) and Ethena (ENA) continue to rise as markets show strength – here’s what to expect!

It appears that the cryptocurrency markets have attracted some attention as the prices of popular tokens have been highly volatile. AS Bitcoin price In an attempt to reach higher goals, altcoins also appear to be preparing to break out of key resistance levels. Meanwhile, tokens like Toncoin and Ethena have gained considerable attention from market participants and hence, huge price action is expected in the coming weeks.

Toncoin (TON) price analysis.

• TON price has been trading strongly for over a couple of weeks and remained elevated until reaching the upper resistance zone, which is the last barrier in the formation of a new ATH

• The trading setup appears to be bullish while technical data suggests that the price could 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 reaching the upper threshold.

• Therefore, it is believed that Toncoin price will consolidate within the resistance zone between $7.2 and $7.6 for a while and later rise above $8, marking a new ATH

• After that, the purchasing volume is expected to decrease, which could lower the pressure. Ultimately dragging the price towards the tentative support at $6.6 and eventual failure could force a test of lower ranges around $5.5.

Ethena (ENA) price analysis.

• The price of ENA has been trading in a steep downward trend since the token hit highs during the last month of trading

• The price made enough attempts to break above the upper resistance of the descending wedge, but ended up hitting new lows

• Furthermore, the Bollinger bands have converged and are running parallel to each other, indicating the continuation of a prevailing trend

• Furthermore, the MACD remains in a bearish environment but shows a decline in selling pressure. However, the decline in buying volume prevented the token from breaking above the upper resistance

• Therefore, the ENA price is believed to trade under bearish influence and reach the top of the descending wedge at $0.7, which could lead to a bullish breakout towards $1.

Also check: Top 3 Altcoins That Will Turn $1 Into $10 By The End Of May

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