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.
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.
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.
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.
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