The Ethena token has displayed a significant bullish price action over the past week after trading under a bearish sentiment for a brief period, indicating an increase in the buying-over-selling pressure for the altcoin in the crypto market.
Furthermore, despite recording a correction of 41.27% in its valuation after recording an ATH, the ENA price has added approximately 22% since its inception, highlighting a high possibility of bullish price action during the coming time.
Launched on 02nd April with a price tag of $0.60, the ENA token instantly gained significant attention from the crypto market, resulting in the token recording a jump of 153.83% in valuation and achieving an all-time high (ATH) of $1.523 on 11th April.
Since then, the price has been constantly trading under a negative influence. Positively, the Ethena token has displayed a bullish move by jumping 13.82% within the past day, highlighting a high potential for a positive price action during this week.Moreover, the Simple Moving Average (SMA) supports the price chart, indicating a bullish outlook for the altcoin during the upcoming time.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the chart, indicating increased bullish sentiment for the altcoin in the crypto industry. Furthermore, the averages show a continuous rise, suggesting the price will continue gaining value.
If the market holds the price above the support level of $0.875, the bulls will prepare to test its resistance level of $1.070 by the coming weekend. Maintaining the price at that level will set the stage for ENA price to attempt to test its upper level of $1.280 in the upcoming time.
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.875. Moreover, if the bears continue to dominate the market, it will plunge and fall to test its low of $0.70 this month.
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