Ethena ($ENA ) is a decentralized stablecoin protocol that offers a synthetic dollar called USDe, designed to be stable, scalable, and censorship-resistant.
Support and Resistance Levels:
Support Levels:
$0.9028: Immediate support.
$0.63 to $0.76: Key support zone based on Fibonacci retracement, indicating potential price reversal points.
Resistance Levels:
$1.01: Immediate resistance.
$1.1331: Secondary resistance.
Next Move and Recommendation:
Given the current price near $0.9325, $ENA is trading between the immediate support at $0.9028 and resistance at $1.01.
Buying Consideration: If ENA breaks above the $1.01 resistance with strong volume, it may indicate a bullish trend, suggesting a potential buying opportunity.
Selling Consideration: If $ENA fails to break the $1.01 resistance and shows signs of declining toward the $0.9028 support, it may be prudent to consider selling to avoid potential losses.
Always conduct thorough research and consider your risk tolerance before making any investment decisions.