Ethena Price Prediction: ENA Jumps 2%, But Investors Flock To This $65 Million PEPE Derivative Presale Before It Sells Out
The Ethena price jumped 2% in the last 24 hours to trade at $0.7296 as of 11:58 p.m. EST on trading volume that surged 8% to $424 million.
Ethena Price Aims For A Recovery
The ENA price chart on the 3-day shows a rounding bottom pattern formation, a classic technical pattern that signifies accumulation and potential continuation of an upward trend.
After experiencing a steep decline from its peak in June 2024, the Ethena price found a base around the $0.19 support in September and gradually formed a rounded bottom, according to GeckoTerminal data.
This accumulation phase was followed by a strong rally, completing the pattern. The Ethena price then pulled back slightly.
Currently, the price of ENA is testing the support level near $0.637, a region that previously acted as resistance before the breakout. This level is crucial—if it holds, it could confirm a cup and handle the pattern’s bullish continuation. However, a breakdown below this level could invalidate the setup and lead to further declines.
The 50-day Simple Moving Average (SMA) is sitting around $0.6371, indicating that the price of Ethena is still trading above this key level. This suggests that the short-term trend remains positive, though price action is currently experiencing a correction.
Meanwhile, the Relative Strength Index (RSI) is at 45.72, which places it in a neutral zone. This reading suggests that the asset is neither overbought nor oversold. However, RSI has been declining from previous highs, indicating a cooldown in bullish momentum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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