The DeFi coin Ethena (ENA), a crypto-native-dollar project, is gaining renewed attention from investors. Its recent price action has provided traders with early indications that the price may be ready to return to the upside after a prolonged downward trend.
The recent price movements seem to show that buyers are willing to defend key support and resistance areas, which raises the possibility that the price may soon rebound to the upside. At press time the coin is trading at $0.2368 with an increase of 1.24% over the past 24 hours.
Chart Shows Base Formation Near $0.23
Observing the latest price movement of the asset on TradingView’s daily chart, we can see that this asset trades above its most recent support level around $0.23, indicating bullish (positive) momentum. With the momentum indicators signalling an upward price trend, now could be an opportune time to enter into a long position as bullish sentiment begins to develop again.
This is hinting at the possibility of a supportive structure to build off of, as it continues to hold above its recent price lows. The nearest levels of resistance will be slightly above $0.246-$0.250, with the critical area of potential reversal or continuation of upside momentum being the area just below $0.212.
Also Read: Ethena (ENA)Price Targets $0.30 as Hayes Investment Sparks Optimism
Tweet Shows Key Support and Upside Scenario
Additionally, the crypto analyst Ali Charts’ recent update provided insight into key support and potential for the price to reach higher levels of resistance. With additional attention on the coin, following the tweet may assist in increasing trading interest, along with the chart.
In conclusion, ENA is currently at a significant technical juncture. The combination of both the current price structure and recent analyst commentary provides support for the potential to see a shift in momentum. However, it will be important to obtain additional confirmation that the support into 212 can sustain itself before becoming overly bullish in the short term.
Also Read: Can Ethena (ENA) Hold $0.207 Support? Analysts Eye 5-7% Crash Ahead
