Ethena’s ENA price is once again one of the biggest gainers in the cryptocurrency market. ENA price has increased by over 20% today and is currently trading at over $0.33.
When a currency sees such a big rally, elite crypto traders love to take stock of the X. One of them is Altcoin Sherpa, who posted a viral Ethena chart.
Technical analysis of ENA price trend
Looking at the chart, we can see that there was a sharp increase in price around October 7, which was accompanied by a significant increase in volume. This indicates strong buying activity, during which the Ethena price surged to several Fibonacci levels.
After reaching the peak, ENA experienced a pullback, finding support at the 0.5 Fibonacci Retracement level (around $0.3082). Since then, the pair has rebounded and is currently testing the 0.382 Fibonacci level (around $0.3331).
The chart shows multiple exponential moving averages (EMAs). The price tested the 200 EMA during the pullback and is currently trading well above that level, which could indicate a bullish reversal. Other EMAs (perhaps 20, 50, 100) are all relatively close, which could indicate that there could be a period of consolidation before the recent breakout. Now, they are showing an upward sloping trend, indicating short- to medium-term bullish momentum.
The immediate resistance for ENA is near $0.3685 (.236 Fib level). A break above this level is needed to signal a continuation of the bullish trend. Support levels to watch out for are $0.3331 (.382 Fib level) and $0.3082 (.5 Fib level).
Recent price action suggests a possible trend reversal, with ENA price currently trading above key EMAs and showing higher highs and higher lows. This comes after a period of downtrend in late September.
Altcoin Sherpa’s tweet mentions Arthur Hayes’ strong push for $ENA during Token 2049, which may have had an impact on sentiment and could explain the recent price gains. “Fundamentals” were mentioned to have played a role in ENA’s strength, suggesting that the asset may have strong underlying support beyond technical analysis.
Notably, the user had posted this chart previously but did not anticipate such a boost from Hayes’ support, highlighting how external factors can have an unexpected impact on price action.
Ethena’s ENA price is once again one of the biggest gainers in the cryptocurrency market. ENA price has increased by over 20% today and is currently trading at over $0.33.
When a currency sees such a big rally, elite crypto traders love to take stock of the X. One of them is Altcoin Sherpa, who posted a viral Ethena chart.
Technical analysis of ENA price trend
Looking at the chart, we can see that there was a sharp increase in price around October 7, which was accompanied by a significant increase in volume. This indicates strong buying activity, during which the Ethena price surged to several Fibonacci levels.
After reaching the peak, ENA experienced a pullback, finding support at the 0.5 Fibonacci Retracement level (around $0.3082). Since then, the pair has rebounded and is currently testing the 0.382 Fibonacci level (around $0.3331).
The chart shows multiple exponential moving averages (EMAs). The price tested the 200 EMA during the pullback and is currently trading well above that level, which could indicate a bullish reversal. Other EMAs (perhaps 20, 50, 100) are all relatively close, which could indicate that there could be a period of consolidation before the recent breakout. Now, they are showing an upward sloping trend, indicating short- to medium-term bullish momentum.
The immediate resistance for ENA is near $0.3685 (.236 Fib level). A break above this level is needed to signal a continuation of the bullish trend. Support levels to watch out for are $0.3331 (.382 Fib level) and $0.3082 (.5 Fib level).
Recent price action suggests a possible trend reversal, with ENA price currently trading above key EMAs and showing higher highs and higher lows. This comes after a period of downtrend in late September.
Altcoin Sherpa’s tweet mentions Arthur Hayes’ strong push for $ENA during Token 2049, which may have had an impact on sentiment and could explain the recent price gains. “Fundamentals” were mentioned to have played a role in ENA’s strength, suggesting that the asset may have strong underlying support beyond technical analysis.
Notably, the user had posted this chart previously but did not anticipate such a boost from Hayes’ support, highlighting how external factors can have an unexpected impact on price action.
