With a market cap of $1.15 billion, the #Ethena (ENA) price has increased by almost 50% over the last seven days and almost doubled in the last 30 days. Are you wondering if the altcoin can scale up beyond the $0.50 mark this month?
Ethena (ENA) Price Analysis:
Currently, the ENA price is trading at $0.4195 with an intraday pullback with a 24-hour drop of 7.36%. Further, the intraday candle reveals a 1.93% pullback after facing rejection from the 24-hour high of $0.4627.
As per the Fibonacci retracement levels, the ENA price recovery rally has surpassed the 23.60% Fibonacci level but struggles to surpass the 38.20% level. Hence, a potential retest of the $0.3784 resistance level or the $0.33 level at 23.60% Fibonacci level is possible.
Technical indicators:
EMA: The ENA price recovery rally has led to an uptick in the 50-day EMA, turning the average line bullish.
RSI: The daily RSI line struggles to enter the overbought zone and witnesses a downtick. The momentum indicator reveals a minor bearish divergence in the last two peaks, teasing a potential pullback as a retest.
Hence, the technical indicators reflect short-term volatility with a possibility of a long-term rally.
Will Ethena Reclaim $0.50?
As the technical indicators maintain a positive trend and the broader market recovery gains momentum, Ethena will likely surpass $0.50. Furthermore, the recent proposal to add SOL as a backing asset to USDe resulted in a buying spree.
If the proposal is accepted, the ENA price will skyrocket with a boost in market sentiment and increased demand. Based on the Fibonacci levels, a breakout of the 38.20% level at $0.4393 will likely challenge the 61.80% level at $0.6952.
