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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 31, 2024 07:21 UTC
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Here’s Why ENA Price Could Surge 30% This June!
A 10% intraday surge in ENA price offers a reversal with an inverted head and shoulder pattern.
The 50 and 200 EMA in the 4H chart give a golden crossover.
With a break above $1, the uptrend in the Ethena Labs token could hit $1.28.
With a gradual improvement in the broader market sentiments, the underlying demand for altcoins is rising this summer. Amidst such market conditions, the ENA price trend shows a bullish pattern forming in the 4H chart, teasing a trend reversal.
With the Ethena TVL approaching the $3 Billion mark, the underlying bullish is slowly on the rise. Will the rising TVL eventually lead to a bull run in the ENA price to surpass the psychological barrier of $1? Find out more in our ENA Price Prediction.
Will Inverted Head And Shoulder Reverse The Trend?
Following the pullback phase in April and early May, the ENA price jumped from the bottom at $0.65. Over the past couple of weeks, the recovery rally has exceeded the $0.80 level and tested the $0.96 mark.
Despite the recovery rally accounting for 29% last week, this week, the altcoin is down by 6% to retest the $0.80 breakout. Further, the price trend showcases an underlying increase in bullishness with an inverted head and shoulder pattern.
The trend reversal pattern signals a potential uptrend in the ENA price for the bullish month of June. With a neckline at $0.96, the buyers must overcome the $1 psychological mark for a price jump next month.
Technical indicators:
RSI Indicator: The RSI line peaks above the halfway line with a reversal from the oversold boundary.
EMA: The 50 and 200 EMA in the 4H chart signal a golden crossover, bolstering the bullish trend ahead.
Will The ENA Price Cross $1?
Despite the 6% pullback this week, the 29% jump in the week before keeps Ethena buyers’ morale high. Further, the broader market recovery anticipation is fueling investors’ confidence in low-cap DeFi tokens.
Hence, the bullish breakout chances in the ENA price are high, and the uptrend could surpass $1. In such a case, the uptrend could reach the 78.60% Fibonacci level at $1.28.
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