Ethena (ENA) has a market cap of $1.15 billion and has seen its price increase by nearly 50% in the past 7 days and almost doubled in the past 30 days. Are you wondering if this altcoin can break the $0.50 mark this month?
Ethena (ENA) Price Analysis
Currently, ENA price is $0.4195, with an intraday correction and a 24-hour decline of 7.36%. In addition, the intraday candle has a correction of 1.93% after encountering a rejection at the 24-hour high of $0.4627.
Trading ideas
According to the Fibonacci retracement levels, the ENA price has rebounded above the 23.60% Fibonacci level but it is struggling to move above the 38.20% level. Therefore, there is a possibility of a retest of the $0.3784 resistance or the $0.33 level of the 23.60% Fibonacci level.
Technical indicators:
EMA: ENA price resumed its upward move resulting in the 50-day EMA rising, turning the average bullish.
RSI: The daily RSI line is struggling to enter the overbought area and is trending down. The momentum indicator shows a slight bearish divergence between the last two peaks, signaling a possible pullback and retest.
Therefore, technical indicators reflect short-term volatility, but there is a possibility of long-term upside.
Will Ethena ever get back to $0.50?
With technical indicators maintaining a positive trend and the broader recovery gaining momentum, Ethena could move above $0.50. Additionally, the recent proposal to add SOL as a backing asset for USDe has sparked a buying frenzy.
If the proposal is accepted, ENA price will surge as market sentiment improves and demand increases. According to the Fibonacci levels, a breakout of the 38.20% level at $0.4393 could challenge the 61.80% level at $0.6952.
Will Ethena’s breakout rally this year reach $1?
