ETHENA Price Analysis- Will It Break Through Key Resistance Levels?
ETHENA Price Analysis– Ethena (ENA) has experienced a notable rally after bouncing back from multi-month lows near the $0.26–$0.28 range, pushing its price above the 20 Exponential Moving Average (EMA). However, the altcoin is still facing significant resistance at the 50 EMA, which could determine the direction of its next major move.
Following a steep rally to the $1.2 resistance level, Ethena (ENA) fell into a downtrend, consistently setting lower highs. On the daily chart, a falling wedge pattern has formed, indicating a potential reversal if the price breaks out. Recently, ENA bounced from the support zone at $0.34, creating a foundation for a potential structural shift. The price closed above the 20 EMA ($0.39) in recent daily candles, which hints at short-term bullish momentum.
For Ethena (ENA) to confirm a bullish trend, it needs to close daily candles above the $0.5 level, which would open the door for further gains towards the $0.66–$0.7 range. On the other hand, if the price struggles to break through $0.46–$0.5, the bears could push the price back to the $0.34–$0.35 support zone.
The Relative Strength Index (RSI) has recently moved into the bullish zone, sitting around 55, its first time in this territory since January. A rise above the 60 mark could increase the likelihood of a stronger bullish trend. However, the RSI has shown bearish divergence from the price action in the last few days, signaling potential slower gains. Traders should wait for the RSI to hold above 50 before considering any long positions.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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