Crypto Gainers: Gate's Native Token Leads Market Rebound as FORM and ENA Sustain Bullish Momentum

• Gate’s native token spearheads the market recovery with bulls maintaining positions above $1.
• FORM continues its upward trajectory for the fourth day in a row, displaying a V-shaped recovery.
• ENA prolongs its recovery phase, with bulls eyeing a potential breakout rally towards $0.8555.

The cryptocurrency market is showing positive momentum on Thursday, with Gate’s native token recording a double-digit increase over the past 24 hours, followed by FORM (previously known as BinaryX) and ENA maintaining their recovery. The growing interest in these altcoins suggests a shift in capital flow from major cryptocurrencies to alternative coins. Technical analysis of these altcoins indicates a bullish trend as the upward movement gains traction.

Gate’s Native Token Maintains $1 Support, Aiming for New All-Time High

Gate’s native token is trading 4% higher at the time of writing on Thursday, continuing its upward trend for the sixth consecutive day. The token has slightly retraced after reaching an all-time high of $1.14 on Wednesday.

Nevertheless, Gate’s native token maintains its position above the crucial $1.00 psychological level and is challenging the $1.07 resistance, identified as the R1 pivot resistance on the 4-hour chart. To extend the rally towards the R2 pivot resistance at $1.47, the token needs to decisively close above the $1.07 mark.

Adding to the optimistic outlook, data from CoinGlass reveals that the Open Interest for Gate’s native token surged by 43% in the last 24 hours, reaching a record high of $99.4 million. The trading volume of the token has remained above $1 billion for three consecutive days, indicating heightened interest.

Momentum indicators on the 4-hour chart suggest increased buying pressure, with the Moving Average Convergence Divergence (MACD) and its signal line extending their upward trajectory. Furthermore, the Relative Strength Index (RSI) at 77 remains above the overbought threshold, pointing upwards and signaling strong bullish momentum.

On the downside, a potential drop below the $1.00 level could test the $0.89 support, which previously acted as short-term resistance earlier this week.

FORM Recovery Rally Targets $4 Level

FORM is trading above the $3.50 mark, extending its upward trend for the fourth straight day with a 2% increase at the time of writing on Thursday. The GameFi token exhibits a V-shaped recovery following an 18% decline on Sunday.

A clear push above $3.75 to recoup Sunday’s losses could propel the rally towards the $4.00 round figure.

The RSI at 53 on the daily chart has crossed above the midpoint line, indicating increasing buying pressure. Additionally, the MACD line is converging with its signal line, reflecting a bullish shift in trend momentum.

Conversely, a potential reversal before recovering Sunday’s losses could result in a retest of the $3.42 level, marked by the August 25 close.

ENA Struggles to Maintain Bullish Trend

ENA is trading 2% lower at the time of writing on Thursday, following a 6% increase from the previous day. The synthetic dollar token is dampening its two-day recovery as bulls struggle to maintain ground above the $0.7000 level.

If the bearish reversal continues, it could target the $0.6911 level, which previously acted as resistance on Wednesday on the 4-hour chart.

Adding mixed signals, CoinGlass data shows that ENA’s Open Interest increased by over 8% in the last 24 hours, reaching $1.43 billion. However, volumes are on a declining trend with lower peaks since last month. This indicates a slow buildup among traders, as optimism remains subdued.

The RSI on the same chart at 56 holds at neutral levels, pointing downwards, indicating underlying weakness in buying pressure. If the RSI drops below the halfway line, the correction in ENA could extend further.

Nevertheless, the convergence of the MACD and signal lines indicates a significant decline in bearish momentum. A potential green histogram bar reappearing above the zero line would mark a bullish turnaround, potentially signaling a buy opportunity for sidelined investors.

Looking upward, a potential upswing in ENA could target the $0.8555 level if buyers can reclaim the $0.7533 resistance, last tested on August 23.

Disclaimer: This information is provided for educational purposes only. Past performance does not guarantee future results.