Ethena (ENA) price has displayed bullish momentum at the bottom, rising by 26% in an intraday session. Since mid-April, the ENA price has been in a bearish trend and has lost around 80%.
The Ethena price recorded an all-time low (ATL) of $0.195 on Sept 7, 2024. The bearish trend has halted near the $0.200 level, and momentum seems to have shifted to the buyers’ hands.
The digital asset price has declined through a descending channel and reached the crucial breakout level. The trading volume has increased by 180% as the price reached the breakout zone. It could be a bullish signal. Let’s explore how the ENA price reacts after the breakout.
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Is Ethena Price Ready For a Massive Shoot-Up?
Globe Of Crypto (@GlobeOfCrypto1), a crypto analyst, recently shared his analysis on X. In that analysis, he claims that the ENA price has declined due to resistance from the trendline.
If the Ethena price triggers a breakout from the descending channel, it could gain 130-150% in the next few weeks.
ENA Price Shaped Inverted Head and Shoulder Pattern At Bottom
Ethena crypto was trading at $0.335, which has declined by 2.28% over the past 24 hours. The market capitalization was $926.38 Million, and the 24-hour trading volume was $234.71 Million.
The Ethena price has formed an inverted head and shoulder pattern on a daily time frame. The price took support on the previous support level of $0.250 and bounced back.
If the crypto asset price surpasses the crucial level of $0.400, it could generate a bullish sign. Buying momentum can be generated once the price is sustained at this level.
Suppose the trading volume increases during the breakout; a strong buying momentum can be anticipated.
On the other hand, if the ENA crypto price loses the support level of $0.250, it could easily melt to the $0.200 mark. Once the price starts trading below the $0.200 hurdle, it might record a new ATL in a single spike.
According to the technical indicators, the RSI has generated a bullish crossover with the RSI-based moving average. It has also developed a bullish divergence, which could tempt buyers. The MACD has traveled to the positive territory, and the red histograms have vanished.
ENA Price Technical Analysis and Forecast
Based on the recent price action and technical indicators, the Ethena price showed signs of a potential bullish momentum. The token has witnessed a sharp bounce back of 26%.
Also, the formation of an inverted head and shoulder pattern at the bottom indicated a shift in momentum toward the buyers’ side. The crucial breakout level of $0.400 could act as a significant turning point. It could potentially generate a bullish signal if surpassed.
Suppose the price fails to hold above this level, it may face further downside pressure. It can reach the $0.200 mark and record a new all-time low.
Overall, the technical indicators, such as the RSI and MACD, showed bullish signals. Observing how the price reacts after reaching the crucial breakout level is essential to confirm the potential shift in momentum.
