Ethena (ENA) Breaks Resistance at $0.35, Is the 18% Rally Eyeing New Highs?
- Ethena climbs 18%, reaching the $0.35 level.
- ENAs daily trading volume has surged by over 96%.
The reversal of the prolonged downturn in the crypto market has pushed the assets to their former highs. Bitcoin and Ethereum have entered the bullish zone. Aligning with the trend, Ethena (ENA) has rallied over 18.52%.
In the early hours, Ethena traded at the bottom range of $0.2987. The bullish wave has triggered the asset to mount to the peak of $0.3553, shattering the crucial resistance range between $0.31 and $0.34.
At press time, Ethena traded within the $0.3540 range, with its market cap reaching $1.96 billion. Besides, the daily trading volume has touched $220 million.
ENAs weekly price chart reports a steady gain of over 31.26%. The asset began trading at its weekly low of $0.2639. Gradually, Ethenas momentum builds and reaches its current trading level.
Will Ethena Maintain Its Bullish Streak?
The assets recent upside correction has the potential to trigger the price to climb toward its immediate $0.3576 resistance. If the bulls in command initiate the golden cross, it might jump above this threshold, driving the price of Ethena to the $0.36 level.
On the contrary, the uptrend reversal will likely kickstart Ethenas weaker momentum, finding the support range at around $0.3440. Losing steadily below this level could invite more downside and likely open the doors for a deeper correction to $0.33.
ENAs Moving Average Convergence Divergence (MACD) line has crossed over the signal line, indicating a positive crossover. The assets price is gaining upward strength with the buy signal in the market.
Significantly, the Chaikin Money Flow (CMF) indicator settled at 0.06, suggesting that the money is flowing into the asset with slight bullish sentiment. Meanwhile, ENAs daily trading volume has soared by over 96%.
The Bull Bear Power (BBP) value of 0.0620 signals a moderate bullish strength in the market. Ethenas current market condition is overbought, with the risk of a pullback as the daily relative strength index (RSI) is at 75.66.
Disclaimer: The opinion expressed in this article is solely the authors. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
