Altcoin Season Loading: Ethena, Lido DAO, Pendle leading the race as Ethereum hits $4,300

The cryptocurrency market braces for the upcoming altcoin season as the Ethereum (ETH) rally catches up to Bitcoin (BTC), hitting $4,300 on Monday. At the time of writing, Ethena (ENA), Lido DAO (LDO), and Pendle (PENDLE) emerge as top performers over the 24 hours, targeting further gains. 

The technical outlook maintains a bullish bias, underpinned by increasing buying pressure and market sentiment. 

Ethena targets $1.00 as buying pressure increases

Ethena edges higher by 6% at press time on Monday, reaching the highest price in six months. The bullish run continues for the sixth consecutive day, aiming for the $1.0000 psychological mark (annual high). 

Adding credence to bullish potential, the rising 100-day and 200-day Exponential Moving Averages (EMAs) hint at a potential Golden Cross, which would signal a buy signal as the recovery run outgrows the prevailing bearish influence. 

The rising interest in Ethena is evident, as reflected by the Relative Strength Index (RSI) reading of 76 on the daily chart, indicating that buying pressure has reached overbought levels. Furthermore, the Moving Average Convergence Divergence (MACD) line flashed a buy signal on Saturday as it crossed above its signal line. A renewed streak of rising green histogram bars indicates increasing bullish momentum.

ENA/USDT daily price chart.

On the other hand, a reversal below the $0.7982 level would erase the intraday gains, risking a potential retest of $0.6576, marked by the January 28 close.

Lido DAO aims for an extended bullish run amid impending Golden Cross

The Lido DAO token has appreciated by over 6% so far on Monday, surpassing the $1.50 mark for a five-month high. The recovery run in LDO, underpinned by increasing bullish momentum, is evident in the RSI at 77, which has reached overbought levels alongside the uptrending MACD and signal lines. 

Sidelined investors could consider the potential Golden Cross in the rising 50-day and 200-day EMAs as a buy signal, as the ongoing bull run would outpace the predominant downtrend.

As the uptrend holds, bulls could target the $1.858 level, last tested on February 21, for a 20% gain from the current market price.

LDO/USDT daily price chart.

On the contrary, LDO risks a retest of the $1.179 level if it drops below the $1.403 level, marked by the March 2 high. 

Pendle’s recovery run targets $6.30

Pendle jumps by over 9% at press time on Monday after the 3.61% drop from Sunday. The intraday recovery inches closer to reclaiming the $6.00 level, with bulls targeting the $6.30 level, marked by the December 16 close.

Pendle’s trend momentum holds a bullish tilt, similar to other front-running altcoins of the day. The RSI reads 72 on the daily chart, indicating room for growth in the overbought zone, while the MACD and signal lines trend upward, signaling increasing bullish momentum. 

PENDLE/USDT daily price chart.

On the downside, if PENDLE loses the intraday gains, it could extend the decline to the $5.00 psychological level.