Cryptocurrency investors are disheartened following IBIT data, despite a net outflow of $16 million from ETFs on April 2. However, some altcoins are performing positively. ENA Coin’s price has increased by 155%, but will the rally continue?
ENA Coin Commentary
ENA Coin, which started trading on the Binance exchange on April 2, has risen significantly from its opening price of $0.3. In the last 4 hours, the price surged nearly 200%, reaching an all-time high (ATH) of $0.91 on Binance. Such triple-digit increases are not surprising for newly listed altcoins.
It’s important to note that despite the downturn in Bitcoin‘s price, ENA Coin still sees interest. This suggests that speculative traders are pursuing gains with ENA Coin, even as the market trend turns downward. If the trend continues, the coin could reach new highs above $1, contrary to the market direction. However, closures starting below $0.77 and long upper wicks at the peaks indicate profit-taking by investors.
If ENA Coin’s price continues to close below $0.77 and loses the $0.688 level, it could fall to $0.597 and even $0.5. Depending on the strength of the overselling, larger losses could occur.
Avalanche (AVAX) Chart Commentary
AVAX, one of Solana’s most popular competitors, has lost its breakout zone. The altcoin, weakened along with Bitcoin’s price, was trading below $47 at the time of writing, having fallen below $50. Bulls had pushed Avalanche above the 20-day EMA ($53) in the past few days, but the rally did not accelerate as Bitcoin showed weakness around the $71,500 area.
As bears have pulled the price below $50 with the April decline, investors face the risk of a further drop to $42. If closures continue below the breakout area, we could see spikes down to $38 and even $31.5. However, the medium and long-term outlook remains positive, so buyers may see these levels as buying opportunities, which could limit losses.
In a bullish scenario, reclaiming the $50 and $53 levels could target resistances around $65 and $80. For now, the direction depends on whether Bitcoin can close above $69,000.
