- Ethena is heading in the upper direction by making a higher high structure, showcasing solid bullishness.
- ENA price has surged by almost 14% and 144% in the last month, suggesting bullish momentum.
Ethena (ENA) is demonstrating an outstanding bullish performance as it maintains its remarkable bullish trend with a price of about $0.699 and shows a higher high formation that indicates a strong bullish trend. With its impressive performance, indicators support, the altcoin has attracted much attention in the market. ENA price has surged 14% in the last 24 hours and an impressive 144% increase in the last month, as CoinMarketCap data shows.
The technical environment is very much in favour of the bullish storyline, and various indicators are pointing in the same direction to validate the uptrend. The most lucrative technical development is the golden crossover between the 50-day EMA ($0.472) and the 200-day EMA ($0.442), which is a typical bullish indicator that is often followed by prolonged bullish trends. This crossover trend, in addition to the price action that is making higher highs, forms a strong base to further price increase.
Momentum indicators are also looking equally bright. The RSI is at 68.84, which is a good sign of bullish momentum, but not yet overbought at 70, which means there is still more upside to go before hitting the major resistance. This bullish view is supported by the MACD indicator that is in the positive zone with green histogram bars indicating a growing bullish momentum and a high interest of buyers.
What Next For Ethena (ENA) Price?
The green signal of the Supertrend indicator gives further confirmation of the existing uptrend, which serves as a dynamic support level, confirming the bullish structure. This multi-timeframe congruence of technical indicators makes a strong argument in favour of further rising.
Price action-wise, Ethena has managed to break several resistance points and has formed a definite ascending channel. The recent consolidation at current levels seems to be a healthy pullback in the larger uptrend, and it is an opportunity to have momentum build before the next leg up.
To the upside, the next major target is at the psychologically important level of $1.00, which is about 43% upside potential at current levels. In case of any retracement, the nearest support point is marked at $0.512, which is the former resistance-turned-support and correlates with important moving average lines.
The combination of solid fundamentals, excellent performance statistics, and technical indicators in line with each other is the key factor that favours Ethena to have more bullish momentum, and it is a good choice for traders and investors looking to gain exposure to a strong uptrending cryptocurrency asset.
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