Altcoin season is coming: Ethena, Lido DAO, Pendle are leading the race as Ethereum surpasses $4,300.

The cryptocurrency market is entering a vibrant phase as the altcoin season gradually unfolds and the upward momentum of Ethereum (ETH) has narrowed the gap with Bitcoin (BTC), surpassing the $4,300 mark in trading on Monday. At the time of reporting, Ethena (ENA), Lido DAO (LDO), and Pendle (PENDLE) continue to be the leading names driving the breakout in the past 24 hours, aiming to expand their growth.

The technical outlook still leans towards an upward trend, supported by strong buying power and an optimistic sentiment spreading across the market.

Ethena aims for the $1 mark as buying pressure increases

Ethena surged 6% in Monday's trading session, reaching a six-month high and marking its sixth consecutive day of gains. The next target for this coin is the psychological milestone of $1 – which is also the highest point since the beginning of the year.

The uptrend is strongly reinforced as both the 100-day and 200-day exponential moving averages (EMA) are rising, opening the possibility of forming a golden cross – a strong buy signal indicating that the recovery trend has surpassed the previous downward pressure.

Daily ENA/USDT Chart | Source: TradingViewThe appeal of Ethena is clearly shown through the relative strength index (RSI) reaching 76 on the daily frame, indicating that the market has entered overbought territory. At the same time, the MACD indicator signaled a buy from Saturday when it crossed above the signal line, while the green histogram bars continue to expand, reflecting the increasing bullish momentum.

However, the reversal scenario is still present: if the price falls below $0.7982, the entire daily gain could be wiped out, while pulling the price back to test the level of $0.6576 – the closing level of the session on January 28.

Lido DAO looks towards a longer rally as the golden cross approaches

Lido DAO (LDO) surged over 6% in Monday's trading session, surpassing the $1.50 mark – the highest level in 5 months. This strong recovery is supported by impressive upward momentum: the RSI index reached 77, indicating an overbought condition, while both the MACD and signal line continue to trend upwards.

Daily LDO/USDT Chart | Source: TradingViewNotably, many sidelined investors are watching for the potential appearance of a "golden cross" between the 50-day EMA and the 200-day EMA – a potential buy signal – as the current uptrend has erased the previous downtrend.

If the upward trend is solidified, the bulls may aim for the $1.85 mark – a price level that was tested on February 21, corresponding to an increase of about 20% from the current level.

Conversely, if LDO falls below $1.403 ( the peak on 2/30 1928374656574839201, the price risks revisiting the support area of $1.17.

Pendle recovers, aiming for the $6.30 mark

Pendle surged more than 9% in Monday's trading, completely erasing the 3.61% decline from Sunday. The strong recovery brought the price close to the $6 mark, opening up the opportunity to challenge the $6.30 level – equivalent to the closing price on December 16.

Technical signals continue to lean towards the bulls, in harmony with the movements of many leading altcoins throughout the day. The RSI indicator on the daily timeframe reached 72, revealing that there is still room for growth even though it has entered the overbought territory. Meanwhile, the MACD line along with the signal line maintains an upward trend, reinforcing bullish momentum.

![])https://img-cdn.gateio.im/webp-social/moments-d2fd48b56e9a710683a734b034ce2812.webp(ENA/USDT daily chart | Source: TradingViewHowever, if PENDLE loses momentum and the uptrend is lost, the scenario of the price retreating to the psychological zone of $5 should still be noted.

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