ENA Price Surges 123%, Eyes $0.95 Target with Triangle Breakout?
ENA prices have soared nearly 40% in the past seven days as Ethena’s market capitalization topped approximately $2 billion. Will this bullish recovery rally lead to a surge towards the $1 mark? Let us find out in the latest Ethena price analysis.
Ethylene (ENA) Price Analysis
Ethena price trend shows triangle breakout rally gaining momentum. On the daily chart, ENA price broke above the November 6 breakout of the long-term resistance trendline.
ENA price surged 37%, leading to the formation of a bullish engulfing candle following a morning star pattern at the 23.60% Fibonacci level. Thus, starting from the support level of $0.32, the altcoin has now risen by 123% to the current market price of $0.72.
It has broken through multiple resistance levels during the recovery and rebound process. Currently, ENA price is trading above the 61.80% Fibonacci level at $0.68 and has broken above the 200-day EMA.
Technical indicators:
European Index: The increased bullish influence resulted in a bullish crossover between the 50-day and 100-day EMA lines. In addition, the 50-day moving average is gradually approaching the 200-day moving average, forming a golden cross.
Smoothed Moving Average Convergence and Divergence: MACD and signal lines avoid a bearish crossover for the second time and resume the bullish trend with a surge in positive histograms. Therefore, technical indicators maintain bullish signals.
Will ENA Price Retrace $0.50?
In the short term, the ENA price trend is about to witness a rising wedge breakout rebound as it challenges the local rising resistance trend line. With this breakout, the uptrend may continue towards $0.95 or the 78.60% Fibonacci level.
This will complete the round bottom reversal pattern. On the other hand, a failure on the bullish bears will retest the nearby local support trendline. If the rally breaks down, key support is at $0.54 and the 50-day EMA at $0.49.
Will Ethena’s Breakout Rally Hit $1 This Year? Find it in our ENA Price Forecast.
FAQ
ENA is trading at $0.72, up 123% from the $0.32 support level after breaking through key resistance.
With bullish momentum and a potential upside breakout, ENA could reach $0.95, in line with the 78.60% Fibonacci level.
Key support for ENA is at $0.54 and $0.49, in line with the local trendline and 50-day EMA respectively.