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Sohrab Khawas
Sohrab Khawas
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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.
- Nov 28, 2024 09:05 UTC
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ENA Price Surges 123%, Eyes $0.95 Target with Triangle Breakout?
ENA price surged 123%, breaking multiple resistances and trading at $0.72.
The triangle breakout hints at a potential rally to $0.95 or 78.60% Fibonacci level.
Key supports lie at $0.54 and $0.49, with a golden crossover on the horizon.
With the Ethena market cap crossing about $2 billion, the ENA price has surged nearly 40% in the past seven days. Will this bullish recovery rally lead to a price surge beyond the $1 mark? Let’s find out in our latest Ethena price analysis.
Ethena (ENA) Price Analysis
The Ethena price trend showcases a triangle breakout rally gaining momentum. In the daily chart, the ENA price broke above the break above a long-coming resistance trendline on November 6.
The 37% surge in ENA price resulted in a bullish engulfing candle following the morning star pattern at 23.60% Fibonacci level. Hence, starting from the $0.32 support level, the altcoin has now increased 123% to the current market price of $0.72.
The recovery rally has surpassed the multiple resistance levels during its course. Currently, the ENA price is trading above the 61.80% Fibonacci level at $0.68 and has surpassed the 200-day EMA line.
Technical indicators:
EMA: The increased bullish influence has resulted in a bullish crossover between the 50-day and 100-day EMA lines. Furthermore, the 50-day EMA line is inching closer to the 200-day EMA, teasing a golden crossover.
MACD: The MACD and signal lines have avoided a bearish crossover for the second time and regained a bullish alignment with a surge of positive histograms. Hence, the technical indicators maintain a bullish signal.
Will The ENA Price Reclaim $0.50?
In the short term, the ENA price trend is on the verge of giving a rising wedge breakout rally as it challenges the local ascending resistance trend line. With this breakout, the upward trend will likely continue to $0.95 or the 78.60% Fibonacci level.
This will complete the rounding bottom reversal pattern. On the flip side, a bullish short failure will retest the local support trend line near. In case of a breakdown rally, the crucial support levels are present at $0.54 and the 50-day EMA at $0.49.
Will Ethena’s breakout rally reach $1 this year? Find out in our ENA Price Prediction.
FAQs
ENA is trading at $0.72, marking a 123% gain from its $0.32 support level after breaking past key resistance.
With bullish momentum and a potential rising-edge breakout, ENA could reach $0.95, aligning with the 78.60% Fibonacci level.
ENA’s crucial support levels are at $0.54 and $0.49, aligning with the local trend line and 50-day EMA, respectively.
Yes 
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