Current Market Overview:
Ethena ($ENA ), a synthetic dollar protocol built on Ethereum, is gaining notable traction. Designed to offer a decentralized alternative to traditional banking infrastructure, Ethena introduces a globally accessible savings solution known as the Internet Bond. Currently, ENA holds a market cap of $3.61 billion, ranking #46 on CoinMarketCap. With its current price at $1.23, ENA remains down 19.73% from its all-time high (ATH) of $1.52, but up a staggering 523% from its all-time low (ATL) of $0.19.
Of particular note, Trump’s World Liberty project recently allocated 500,000 USDC to purchase 509,955 ENA, a small investment in scale but indicative of increasing institutional attention—a promising signal for the project’s visibility and future growth.
Technical Analysis:📝
Trend & Key Levels: ENA has maintained an uptrend for over 100 days, successfully breaking through three key resistance zones in recent weeks. After validating $0.50 as support in November, price moved swiftly past $0.68 and $0.77. More recently, the supply zone at $1.05-$1.15 was absorbed, indicating strength and potential for a revisit to test this level as support.
Moving Averages: On the daily chart, ENA remains above all critical moving averages (MAs), including a confirmed golden cross—a classic bullish signal.
RSI: While the daily RSI shows signs of a bearish divergence in the overbought zone, this may trigger a minor pullback or sideways action before further gains. On the weekly chart, RSI still has room for growth, supporting longer-term bullish continuation.
Stochastic RSI: The indicator reflects solid momentum with a bullish crossover on the daily chart, currently at healthy levels (56), which reinforces the breakout’s validity.
Volume: Increasing volume on the daily time frame confirms strength behind recent resistance breaks.
Key Support Zones:
$1.00–$1.14 (recently broken resistance)
$0.95 (MA20 on the daily chart)
$0.67 (MA50 on the daily chart, former resistance)
$0.48–$0.52 (demand zone and MA200 support)
Key Resistance Levels:
$1.52 (ATH)
Fibonacci extension targets above the ATH
Conclusion & Strategy:
ENA’s fundamentals and technicals present a bullish case for continued upside, with the potential for a minor retracement providing attractive entry opportunities. My strategy involves targeting the following levels:
Position: "Buy" (2% of capital)
Entry Range: $1.05–$1.15
Stop Loss (SL): $0.80 (daily close below)
𝐓𝐚𝐫𝐠𝐞𝐭 𝐋𝐞𝐯𝐞𝐥𝐬:
𝟏. 𝐓𝐏𝟏: $𝟏.𝟑𝟎
𝟐. 𝐓𝐏𝟐: $𝟏.𝟒𝟓
𝟑. 𝐓𝐏𝟑: $𝟏.𝟔𝟓
𝟒. 𝐓𝐏𝟒: $𝟏.𝟖𝟓
𝟓. 𝐓𝐏𝟓: $𝟐.𝟎𝟓
𝟔. 𝐓𝐏𝟔: $𝟐.𝟑𝟎
𝟕. 𝐓𝐏𝟕: $𝟐.𝟓𝟎
𝟖. 𝐓𝐏𝟖: $𝟐.𝟖𝟎
𝟗. 𝐓𝐏𝟗: $𝟑.𝟐𝟎
𝟏𝟎. 𝐓𝐏𝟏𝟎: $𝟑.𝟓𝟎
While this analysis highlights promising opportunities, do your own research (𝐃𝐘𝐎𝐑) before making any investment decisions. The path ahead looks bullish for ENA, with the potential to reach new highs in the coming weeks.
