With the BTC price hovering close to its $59,000 mark, the crypto market has displayed stability in the buying and selling pressure. This indicates a high possibility of a bullish rebound in the coming time.
Further, despite top crypto tokens stumbling close to their support levels, mid-cap and low-cap cryptocurrencies have successfully regained momentum by adding massive value to their respective portfolios over the past few days.
In this article, we have covered the market sentiments, price analysis, and possible short-term price action of the top 3 mid-cap altcoins that have the potential to record a surge of up to 100% during the upcoming weeks.
Ethereum Name Service (ENS) Price Analysis:
The ENS price has continued displaying a mixed sentiment by recording a constant pump-and-dump in its valuation. However, in the long-term perspective, it has surged 89.47% this year and has a market cap of $639.79 Million.
The Simple Moving Average (SMA) has recorded a positive curve in the 1D time frame, suggesting increased price action in the crypto space. Moreover, the MACD displays a constant decline in the red histogram, suggesting a bullish outlook for the Ethereum Name Service price this week.
Maintaining the price above the support level of $20.50 will set the stage for the ENS price to head toward its upper high of $24.60 during the upcoming weeks. Negatively, if the bullish sentiment fades, this could result in it retesting its support of $16.50.
Injective (INJ) Price Analysis:
Despite recording a correction of approximately 2% within the past 24 hours, the Injective price has jumped 15.89% over the past week. Moreover, with a circulating supply of 97,622,753 INJ tokens, it has secured the 45th position with a market cap of $1.816 Billion.
The Relative Strength Index (RSI) had successfully retested its oversold range and displayed a sharp rise toward the neutral point. However, since then it has been recording a weak price action. On the other hand, the EMA 50/200-day shows a bearish action, suggesting uncertainty in future action.
Suppose, the bulls regain momentum, in that case, the INJ price will prepare to test its resistance of $21.35. Conversely, a trend reversal could pull the price toward its low of $15 this month.
Ethena (ENA) Price Analysis:
Despite recording a bullish start, this altcoin has recorded a strong bearish action over the past month by losing approximately 21%. Moreover, the Ethena price has recorded a new ATL of $0.2278 during this bear market correction. Notably, it is presently trading at a discount of 79.13% from its previous ATH.
The technical indicator, MACD, displays a minor rise in the green histogram in the 1D time frame. Further, the averages show a bullish convergence, highlighting increased price action for the altcoin in the crypto space.
If the market breaks its resistance trendline, the ENA price will head toward its upper resistance level of $0.60 in the coming time. However, in case of a pullback, the Ethena price will retest its crucial support level of $0.225.