Ethena (ENA)
In the daily chart, the ENA price action shows a consolidation range between $0.20 and $0.37. Bearish signal
Further, the underlying shift in sentiments teases an inverted head and shoulder pattern with a neckline at $0.37.
As of October 2024, Ethena (ENA) is currently trading at around $0.30 , with a 24-hour price change of approximately +4.06%. Over the past 30 days, the token has seen a notable 35% rise, recovering from a low of $0.194.
Despite this recent growth, ENA is down about 16.52% in the past week, reflecting some short-term volatility
Technical analysis reveals a mix of signals. Moving averages (particularly the longer-term ones) suggest a "strong sell," while oscillators, like the Williams Percent Range and Ultimate Oscillator, indicate more neutral trends.
This could suggest indecision or consolidation after recent price movements
Currently, the pullback phase teases a right shoulder formation as it hangs near the 50D EMA.
Based on the price action, the neckline breakout will result in a price jump to the $0.50 psychological mark. Optimistically, an uptrend amid market recovery will put the $0.70 and $0.85 levels on the target list
The overall market sentiment towards ENA remains cautiously
