NEO, TON, LTO, and ENA Prices Skyrocket: Is Altcoin Season Here?

In the last 24 hours, the total crypto market capitalization jumped by 3.59% and hit an incredible $2.68 trillion. As expected, the prices of many cryptocurrencies increased. However, one notable observation was how many altcoins rallied impressively within the same period.

For example, Neo (NEO) jumped by 38.36%. Toncoin (TON) flipped Cardano (ADA) after its price increased by 27.92% to become the 9th most valuable cryptocurrency.

LTO Network’s (LTO) price increased by 7.24% while its trading volume spiked, indicating high interest in the token. Recently-launched Ethena (ENA) was another token pumped as its price rallied by 16.34%. Here’s what led to the hikes from a technical perspective and how far the prices can move.

NEO

NEO’s price at press time was 21.47. On the 4-hour chart, a bullish engulfing candle appeared when the price was at $15.09, indicating that the bears had no say in the price action. Meanwhile, the Bollinger Bands (BB) showed extreme volatility around the token, such that the upper band tapped NEO as it approached $22.

A situation like this suggests that NEO was overbought. Hence, a retracement could be next. In a highly bearish case, the price of NEO could drop to $17.87. However, indications from the Awesome Oscillator (AO) revealed increasing upward momentum for the token.

NEO/USD 4-Hour Chart (Source: TradingView)

Should the momentum continue to increase, then NEO might defy the bearish bias and climb to $25 in the short term.

TON

The TON/USD 4-hour chart explained how bulls banked on the $4.85 underlying to support and flip the resistance at $5.89. Thereafter, the price rallied. However, the Relative Strength Index (RSI) showed that the token was overbought but it does not seem like bulls are ready to let their guard down.

Furthermore, the $0.786 Fibonacci level was $6.11, indicating the nominal pullback TON might experience. To the upside, the Fib levels showed that TON might extend to as high as $9.56 in the near term.

TON/USD 4-Hour Chart (Source: TradingView)

LTO

LTO flashed a buy signal at $0.23 on April 8, according to indications from the Supertrend. Moments later, the price jumped to $0.27. But that hike was short-lived as the price fell back to $0.25.

With this trend, it might seem like LTO’s hike could be invalidated. This was also supported by the Moving Average Convergence Divergence (MACD). Although the MACD reading was positive, the 12 and 26 EMAs followed the same direction, indicating that sellers were keeping buyers on their toes.

Should this continue, then LTO’s price might decline to $0.23 or trade sideways. However, if the bullish momentum reappears, then the value of the token might climb to $0.30.

LTO/USD 4-Hour Chart (Source: TradingView)

ENA

ENA has been one of the best-performing assets over the last few days. Within the last seven days, the price of the token has increased by 98.15%.

Between April 7 and 8, ENA’s price erased some of its gains as the price fell from $1.26 to $1.11. But bulls were able to spot seller exhaustion and capitalize on it to drive the price to $1.37.

Despite the increase, the RSI showed that bulls had sustained the buying momentum and that ENA was not yet overbought. In this case, it means that the price might continue to appreciate, and reaching $1.50 was possible in the short term.

ENA/USD 1-Hour Chart (Source: TradingView)

The Money Flow Index (MFI) on the 1-hour chart also reinforced the RSI signals. At press time, the MFI was 75.11, suggesting solid capital flow into the cryptocurrency. As long as liquidity continues to flow into ENA, a price increase looks likely.