Bullish Trend Revamps Within Ethena Price Rally: Can ENA Price Reach $1.5?

The crypto market capitalisation has secured levels above $2.5 trillion as Bitcoin’s price moved above $68,000. This could result from the rising confidence among the bulls, as they have induced a notable buying volume as the volume drops slightly. Still, the markets remain within a consolidated range. Besides, the newly launched token, Ethena (ENA), has revived a fine upswing and is also leading the top performers for the day. 

Ethena, the synthetic dollar protocol built on Ethereum, offers a crypto-native solution without being reliant on traditional banking systems and has revived a healthy upswing. The token has triggered a healthy upswing since the early trading hours and is heading towards the previous highs at around $1.3. 

The recent bullish push has enabled the price to trigger a breakout from the ongoing decisive triangle, which has been flashing massive bullish signals for the crypto. Besides, the RSI is heading towards the upper threshold after triggering a bullish divergence. An entry within the upper range suggests the price could test the immediate target at $1.16 at any moment. If the bulls sustain without allowing the bears to extract the profit, a rise towards $1.25 could be imminent. 

The bulls are trying hard to keep up the buying pressure, which may enable the price to reach the desired highs. Moreover, the Bitcoin halving is just a few days away and hence, market sentiments are expected to turn bullish. This could pave the way for the Ethena price to soar above $1.25 and eventually mark new highs above $1.3. Therefore, before the end of the month, the ENA price could rise high to record a new ATH at $1.5 and maintain a bullish trend ahead.