Ethena’s price movement is suggesting a potential breakthrough to the $1.50 resistance level. Popular analyst TraderPA discussed this asset’s upward trajectory on X. He highlighted the potential for ENA to deliver substantial gains, referencing a notable bounce from $0.30 and hinting at a fivefold increase in value.
Ethena Chart Analysis
ENA has demonstrated a strong recovery phase following an extended period of consolidation. Historical data shows ENA price dropped sharply before stabilizing around $0.30, forming a base that allowed for significant accumulation.
This level acted as a launchpad for the current bullish trend. As the price climbed, it established a clear support zone between $0.90 and $1.00. This area has been tested and respected multiple times, reflecting strong buying interest and market confidence.
Resistance at $1.50: A Key Level to Watch
The price chart identifies $1.50 as a major resistance level. This threshold has been marked as a critical area where sellers could emerge, potentially slowing the asset’s upward momentum.
However, the overall price action and trading volumes suggest that a breakout above this level is possible. An upward arrow on the chart further emphasizes the expectation of bullish continuation if Ethena breaches this resistance.
According to TraderPA’s tweet, $1.50 is expected to be reached “inevitably in the coming month or so,” signaling confidence in the current rally. This aligns with the chart analysis, which points to strong momentum driving the price toward higher highs.
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Furthermore, the support zone between $0.90 and $1.00 is a crucial area for maintaining the bullish outlook. If the price retraces, this zone is expected to act as a safety net, offering a potential rebound point. However, failure to hold this support could lead to further declines, possibly retesting lower levels.
While the bullish outlook remains strong, risks include potential profit-taking at higher levels or external market conditions that may impact the asset’s performance.
Potential for Further Upside
The bullish trajectory of ENA is supported by strong trading momentum, increasing market interest, and confidence from analysts like TraderPA. A successful breakout above $1.50 could pave the way for further gains, potentially establishing new highs for the asset. Investors and traders are closely monitoring this key level as ENA’s price approaches another milestone in its upward journey.
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