Surpassing a $2 billion market cap, #Ethena is back in action as Arthur Hayes continues to buy more ENA tokens.
ENA’s price action in the daily chart shows a trend reversal rally gaining momentum. The ENA price has surpassed the resistance zone at $0.70 in a bullish formation.
Ethena Price ChartBased on previous price action, the recovery rally shows multiple post-retest reversals from the $0.33 crucial level and the $0.50 psychological zone. Currently, Ethena is trading at $0.71 following an 18% surge last night. This surge created a bullish engulfing candle, crossing the 61.8% Fibonacci retracement level at $0.6899.
After the bullish crossover between the 50-day and 100-day EMAs, the rising average line suggests a potential golden crossover. Meanwhile, the RSI remains sideways near the overbought boundary, indicating room for further growth.
