Ethena (ENA) is capturing attention in the crypto market as recent analysis points to a potential rally in the coming months. Prominent analyst TraderPA shared on X that ENA could reach new highs within three months, potentially delivering an almost sevenfold return.
This forecast has sparked interest among investors and traders, who are closely observing ENA’s price movements and technical patterns to gauge the token’s future trajectory.
Ethena Technical Analysis: Strong Support and Resistance Levels Identified
The ENA chart analysis reveals key support and resistance levels that could influence its price action. The token established a solid support level around August, marking a turning point after a prolonged downward trend. This support provided the stability needed for ENA’s price to begin a sideways consolidation phase, which analysts often view as an accumulation period.
The price is now approaching a critical resistance zone, indicated by the upper boundary of the recent price range. Should ENA break past this resistance, it may enter a new phase of upward momentum, aligning with TraderPA’s optimistic outlook.
Breakout from Accumulation Phase Signals Strength
After a period of consolidation from August through September, ENA exhibited a breakout, marking a bullish shift. This accumulation phase allowed the price to stabilize and build a foundation for future gains. The breakout that followed led to a significant upward move, with ENA’s price achieving a gain of nearly 193% within a few months, as highlighted in the chart.
This breakout has positioned ENA in a strong uptrend, with momentum driving it toward the previous highs noted by TraderPA. Such patterns are often indicative of renewed investor interest and could set the stage for further gains if the uptrend continues.
Moreover, TraderPA’s tweet suggests a bullish outlook for ENA, with the analyst expressing confidence that the token could run past recent highs in the next three months. The expectation of a 7x return reflects the robust momentum observed in recent price movements.
The 193% gain in the current rally demonstrates growing interest and market activity surrounding ENA, which may contribute to further upward pressure if the token can sustain this trend.
Read Also: Is the RENDER Price Gearing Up for Recovery?
Risks and Considerations for Traders
While the outlook is promising, potential investors should be mindful of resistance zones near recent highs, as failure to break through could result in a pullback. Observing volume and other technical indicators can help traders identify potential turning points and adjust their positions accordingly.
Although the technical patterns suggest room for growth, cautious trading strategies may be advisable given the volatility of the crypto market. This analysis highlights the technical factors supporting TraderPA’s bullish prediction, offering insights into ENA’s price trajectory as it aims to reach new highs.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
