3 altcoins signal a strong reversal, recording double-digit gains

Ethena (ENA), Conflux (CFX) and Stellar (XLM) maintain a strong rise on Monday morning, continuing the positive trend from Sunday and outperforming most of the crypto market in the past 24 hours. Technical signals indicate that the upward momentum may still be a catalyst, paving the way for a positive reversal – thereby bringing these three altcoins to a leading position.

Ethena aims for higher gains amid golden cross signals

Ethena (ENA) is showing significant strength by maintaining above the important psychological level of $0.50 with an increase of nearly 14% on Sunday. The upward momentum continues to spread into the new week as ENA rises more than 2% on Monday morning, approaching the resistance level of $0.66 – the highest point of last week.

On the daily chart, the Relative Strength Index (RSI) reached a level of 62, clearly reflecting the bullish momentum that is prevailing. Notably, the two exponential moving averages (EMA) for 50 and 200 days have just formed a golden cross pattern – a classic sign indicating that the short-term recovery trend is overshadowing the long-term trend.

Daily ENA/USDT chart | Source: TradingViewHowever, the warning signal cannot be ignored: the MACD indicator shows that the MACD line has crossed below the signal line on Saturday, sending a sell signal. If these two moving averages begin to diverge clearly again, while the histogram bars turn green, the buy signal will be reinforced.

In a positive scenario, if ENA can close decisively above the $0.66 mark, the upward momentum is likely to extend to the $0.79 range – a price level that was established on February 1. Conversely, if selling pressure increases, the key support zone at $0.48 – which proved effective on July 24 – may once again be put to the test.

Conflux awaits to break the range to extend the rise

Conflux ( CFX ) rose to the sky more than 15% on Sunday, after hitting an important support level at the 50% Fibonacci retracement level – corresponding to $0.1847, calculated from the peak $0.5500 (24/3) to the bottom $0.0620 (17/4). However, by Monday morning, CFX made a slight adjustment with a decrease of more than 1%, continuing to fluctuate within a narrow range below the Fibonacci 61.8% resistance level at $0.2390.

If the price can close steadily above this level, the upward trend is likely to be strengthened, opening up opportunities to move towards the next target area at the Fibonacci level of 78.6% – that is $0.3448.

Daily CFX/USDT Chart | Source: TradingViewRegarding technical indicators, the MACD line is converging with the signal line right at the neutral zone, emitting an unclear signal. Meanwhile, the RSI is at 65, indicating that the upward momentum still has room to continue.

On the contrary, if profit-taking pressure increases, CFX may return to test the key support area at $0.1847.

Stellar bounces off the 50-day EMA, targeting the $0.45 level

Stellar (XLM) continues to maintain an impressive recovery trend as it holds above the 50-day EMA, recording an increase of nearly 9% and forming a bullish engulfing candle pattern – a highly optimistic technical signal. As of Monday morning, XLM rose another 3%, officially surpassing the Fibonacci 61.8% level at $0.3930, calculated from the peak of $0.5607 (on January 1, 2) to the bottom of $0.2212 (on August 8, 4).

The current price increase momentum may open up opportunities to reach the level of $0.4595 – corresponding to the Fibonacci level of 78.6%. The RSI index has also returned above the neutral threshold, reaching 54, while the MACD is approaching the signal line, reinforcing expectations for a potential trend reversal in a positive direction.

Daily XLM/USDT chart | Source: TradingViewHowever, if the market experiences a short-term correction, the support area at the 50-day EMA ($0.36480 may be tested again before XLM establishes the next trend.

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