Ethena Price Shows Promising Uptrend: Poised to Break Key Resistance Levels

In the latest #Ethena price action on the 4-hour chart, the crypto has seen a notable shift with the most recent closing prices displaying an upward trend from $0.777 to $0.814, before slightly dipping to $0.809. This movement indicates a recovery from a minor pullback, suggesting an increasing buying interest around the $0.808 mark.

Analyzing the moving averages, the 9 EMA (Exponential Moving Average) has shown convergence towards the recent price action, indicating that short-term momentum could be turning positive. Current 9 EMA values have risen from $0.796 to $0.801, suggesting a possible bullish undercurrent as prices continue to close above it. However, the 20 EMA suggests a slight resistance at around $0.813, where it has remained relatively flat.

The MACD (Moving Average Convergence Divergence) indicators provide a deeper insight with the MACD line recently crossing above the signal line, indicating a bullish crossover. This is corroborated by the histogram moving from negative to positive territory. Such movements are typically interpreted as bullish signals, suggesting potential for further price appreciation.

RSI (Relative Strength Index) levels have fluctuated between 42 and 49 in the latest sessions, indicating that while the asset was previously approaching oversold conditions, it is now nearing a neutral stance.

Regarding key levels, the current resistance and support levels stand crucial for determining potential future movements. The immediate resistance level at $0.817 may soon be tested if the bullish momentum continues. A break above this level could open the path towards higher resistance at $0.883 and subsequently $0.901. Conversely, should selling pressure return, support levels at $0.787 and $0.756 will be critical to watch for holding the downside. $ENA #Ethena #BullorBear #TrendingPredictions
The full analysis and trade strategy was originally posted on ecoinimist.com.