Ethena's price soars by 17%, sparking speculation about reaching $0.70.
⚡️ Ethena's astounding 17-20% surge over the past day has sent shockwaves through the crypto realm, shattering a prolonged falling wedge pattern and triggering a fierce bull rally that could catapult prices to an impressive $0.70.
Currently, Ethena (ENA) is trading at $0.34, demonstrating a significant uptrend since Tuesday's breach of the falling wedge. This breakout was backed by a bullish marubozu candle, piercing the upper trendline and propelling the price above both the 20-day EMA. The candle's formidable push also challenges the 50-day SMA, indicating a potential shift in the medium-term trend.
This emphatic breakout finds support from key technical indicators. The RSI swiftly climbed to 55.84, hinting at a neutral but steadily rising trend. The MACD has printed a bullish crossover, with the MACD line powering above the signal line, and a burgeoning green histogram now in play.
Surprisingly, Average True Range (ATR) shows low volatility at present – a trend that historically precedes larger price swings, implying the breakout may have more legs to give.
Ethena's rebound is underpinned by a broader market recovery, with Bitcoin edging towards a colossal $95,000 and Ethereum nervously approaching $1,800, as trade war concerns cool.
Looking forward, the imminent hurdle lies around $0.45 – a crucial level that has stifled ENA's progress on multiple occasions in February and March. Clearing this threshold could signify a decisive trend change. Alternatively, a more audacious short-term target, based on the falling wedge's measured move, points to the $0.70-$0.72 range.
However, the bullish narrative could face collapse if ENA can't maintain a foothold above the $0.30 level – the breach point of the falling wedge – while simultaneously witnessing the RSI slipping beneath 50 and a bearish MACD crossover, potentially reinstating the downtrend.
In other developments, Ethena Labs has teamed up with Alchemy Pay to enable fiat on-ramps for USDe and ENA. This collaboration promises to fortify Ethena's presence and usability within the crypto space.
- The surge in Ethena (ENA) has sent ripples through the crypto realm, breaking a prolonged falling wedge pattern and triggering a bull rally that could push prices to an impressive $0.70.
- Currently, ENA is trading at $0.34, demonstrating a significant uptrend since Tuesday's breach of the falling wedge.
- This breakout was backed by a bullish marubozu candle, piercing the upper trendline and propelling the price above both the 20-day EMA.
- The Average True Range (ATR) shows low volatility at present – a trend that historically precedes larger price swings, implying the breakout may have more legs to give.
- Ethereum is nervously approaching $1,800, as trade war concerns cool, providing a broader market recovery for assets like ETH and ENA.
- Looking forward, the imminent hurdle lies around $0.45 for ENA, a crucial level that has stifled ENA's progress multiple times in February and March.
- Ethena Labs has collaborated with Alchemy Pay to enable fiat on-ramps for USDe and ENA, fortifying Ethena's presence and usability within the crypto space.
