Ethena (ENA) is moving in a downward direction, with the bullish reversal in sight as the token has broken above the upper boundary of the descending channel. According to CoinMarketCap, as of Thursday, April 23, the ENA price has declined by 3.49% over the last 24 hours and 1.31% over the last week.
At the time of writing, ENA is trading at $0.1075 with a trading volume of $99.68 million, which has declined by 10.12% over the last 24 hours. However, its market capitalization stands at $941.76 million, which is also down by 3.27%.
Source: CoinMarketCap
Also Read: Ethena (ENA) Price Prediction: Can Bulls Sustain Momentum After 80% Rally?
Ethena (ENA) Retest Zone Could Trigger Strong Uptrend
Furthermore, the crypto analyst Jonathan Carter revealed that the currency had broken out of its descending channel pattern on the 3D timeframe.
This indicates an attempt by traders to move out of their bearish phase into the bullish stage of price movement. The breakout marks the emergence of bulls after their long period of failing at higher highs.
Source: Jonathan Carter’s X Post
If the retest proves to be valid, then ENA is likely to continue its uptrend in an organized rally, reaching expected targets of $0.13, $0.19, $0.25, $0.35, $0.46, $0.67, and $0.88.
But if the token is unable to find support, there is a chance that it will revert to its previous declining channel pattern.
ENA Technical Indicators Point to Consolidation
According to TradingView, ENA shows that there has been a reversal in its previous uptrend, resulting in a bearish correction phase.
Currently, the price is below both the 20- and 50-period EMAs, which now act as dynamic resistance levels. The next target for the token could be the 100-period EMA.
Source: TradingView
Currently, the Relative Strength Index depicts weakening momentum, moving away from an overbought state and settling close to the 43 level.
This implies that more pressure is being exerted on the price to fall than to rise. Failure by the RSI to retest the signal line shows that there is no bullish sentiment, putting the market in a vulnerable situation.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethena (ENA) Bullish Breakout Signals 2x Upside Potential Toward $0.22
