The post As ETH Price Gains Strength, These Ethereum-Based Tokens Are About to Explode appeared first on Coinpedia Fintech News
After Ethereum lost the ascending support in the last few days of February, the Ethereum price has failed to reclaim the levels. Although the levels rose above the consolidated $2000 area, the price continues to stack below $2800, which has now become the pivotal range to secure. In the meantime, some of the Ethereum-based tokens like Optimism, Ethereum Name Service & Lido DAO are showing signs of a breakout. Here’s what’s next for these tokens.
Optimism (OP)
Optimism price has faced huge upward pressure as the bears dominated the rally and slashed the levels to the lowest point since inception. The selling pressure appears to have eased, helping the token to rise slightly from the bottom. However, the bulls do not seem to have gained enough confidence, which may happen once the OP price reclaims the crucial resistance at $1.2.
As seen in the above chart, the OP price defended the support and is working hard to rise above the interim resistance at $1.25. The CMF is trying to rebound from the lows, hinting that the bulls are making a comeback. Besides, the rising OBV substantiates the claim, which suggests the volume is flowing into the token. Once the optimism price secures a range above $1.2, a rise to the resistance zone of $1.94 and $2.03 could be imminent, which may further push the levels to the neckline of the parabolic recovery curve at $2.8.
Lido DAO (LDO)
Since its inception, the Lido DAO price has been displaying significant strength and defending the support zone. Moreover, the price has been maintained within a wave of a pre-determined range and with the latest rise, the token has entered the bullish range. If the price continues to surge with an over 20% upswing, the LDP price could unlock an 80% rise to rise above the pivotal resistance levels at $2.
After the latest rebound, the LDO price has risen above the conversion line of the Ichimoku cloud, which revives the possibility of a bullish continuation. On the other hand, the RSI has begun with a parabolic recovery, which suggests the Ichimoku cloud could further undergo a bullish crossover. With this, the price is believed to rise above $2 initially and later head towards the higher targets close to $5 and form a new ATH.
Ethereum Name Service (ENS)
The Ethereum Name Service price has remained elevated since the start of the quarter and has risen within the bullish range. Despite a rebound, the bulls have managed to defend the ascending support, suggesting more upside potential is fast approaching. However, the token is testing one of the pivotal resistances at the 200-day MA, and hence, a rise beyond the range could trigger a fresh bullish wave.
As mentioned before, the price is testing the 200-day MA while the 50-day MA has displayed a bullish divergence. If the price maintains a consolidated ascending trend, on the other hand, the +Di and -Di of DMI have diverged apart, which were heading for a bearish crossover. This validates the bullish divergence and a rise above the neckline of the w-shaped pattern; the ENS price may secure $30 and later head towards higher targets.
