Ethena (ENA) is experiencing initial signs of a possible recovery as the token’s critical support of $0.108 remains intact despite short-term selling pressure in the market. Currently trading at $0.1106, Ethena has slightly recovered from its previous decline, with analysts forecasting a possible recovery to target $0.129 if the trend continues.
The trading volume over the last 24 hours is $182.65 million, and the market cap of ENA is $910.06 million, which is only 0.04% of the entire crypto market’s dominance. In the last 24 hours, ENA has gone down by 3.97%, which is a sign of recent profit-taking and short-term sell-offs.
Ethena Eyes $0.129 If Support Holds
According to the latest analysis by Crypto analyst Ali Martenez, $0.108 remains a crucial support level for ENA. If this support level holds, the next target comes into focus at $0.129. On the hourly chart, ENA has been trading within a descending channel, recently touching its lower edge. Analysts believe that the price is poised to see a breakout, with a possible retest of the upper edge.
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RSI Signals ENA Nears Key Support
The Relative Strength Index has identified that Ethena is approaching the lower edge of momentum, which is a possible indication of a bounce. Historically, the price has bounced back from the $0.1070 support zone on multiple occasions, which is a possible indication that the price will bounce back again if it touches the support level.
Moreover, the RSI is currently consolidating above the 100-period moving average, which is a strong indication of an upward move. Traders should focus on the following crucial price levels: the entry point is at $0.1168, with targets at $0.1200, $0.1260, and $0.1325. A conservative stop-loss should be placed just below the green support zone to limit losses.
With the current scenario, Ethena is ready to witness a possible bounce if the support level holds strong and the momentum turns positive, providing opportunities following the short-term price movements in the altcoin market.
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