Is it likely for the ENA price to reach $2 this week?
According to the analysis on TradingView, the newly launched ENA token exhibits a bullish trend supported by a dominant trendline in the 1-hour chart. The recent surge in price, surpassing the $1.20 resistance level, indicates a strong upward momentum. Additionally, the token is approaching a $2 billion market cap, with a remarkable 371% increase from its initial price of $0.29. Currently trading at $1.38, ENA has experienced a 6.70% intraday growth, forming the fifth consecutive bullish candle, showcasing a sustained bullish momentum. Technical indicators such as the RSI and the 50 EMA further support the uptrend. With the breakout above $1.20, there's potential for an ascending triangle breakout in the 1-hour chart, suggesting a continuation of the bullish trend for the altcoin. Based on Fibonacci levels, the breakout rally could target $1.76 initially, with a possibility of aiming for $2.67 given an overall market recovery.
