Toncoin (TON) and Ethena (ENA) Continue to Rise as Markets Show Strength: Here’s What’s Next!

Crypto markets appear to have received some attention as prices of popular tokens have been highly volatile. As Bitcoin Price In an attempt to reach higher targets, altcoins also appear to have prepared to break through key resistance levels. Meanwhile, tokens like Toncoin and Ethena have gained significant attention from market participants and therefore major price action is expected in the coming weeks.

Toncoin (TON) Price Analysis

• TON price traded remarkably for more than a few weeks and remained elevated until it reached the upper resistance zone, which is the last hurdle in forming a new ATH.

• The trade setup appears to be bullish while technical data suggests that the price could see a notable pullback as bulls may soon face exhaustion

• The RSI is entering the overbought zone, while the DMI may turn bearish before marking the upper limit.

• Therefore, Toncoin price is believed to consolidate within the resistance zone between $7.2 and $7.6 for a while and then rise beyond $8, marking a new ATH

• After that, purchasing volume is expected to fall, which could reduce pressure. Eventually, it will drag the price towards the interim support at $6.6 and a failure could force it to test the lower ranges around $5.5

Ethena (ENA) Price Analysis

• ENA price has been trading in a sharp downward trend since the token reached highs during the last month of trading

• The price made enough attempts to overcome the falling wedge’s upper resistance but ended up hitting new lows

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

• Furthermore, the MACD remains under bearish influence but shows a drop in selling pressure. However, the drop in purchasing volume prevented the token from breaking the upper resistance

• Therefore, 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.

Also check out: Top 3 Altcoins Will Flip From $1 to $10 by the End of May

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