- Ethena is trading at $0.2427, defending the crucial $0.24 support, keeping the bullish rebound setup alive.
- Both charts show weakening bearish momentum that could trigger a move toward $0.50 if resistance levels break.
- Ali’s tweet aligns with the technical structure, confirming $0.50 as a realistic upside target.
While there is still a lot of uncertainty in the overall market, Ethena appears to have reached an important point within its trend. Despite several weeks of selling pressure, Ethena has managed to maintain the integrity of its major support area. The ability of the token to hold this level is providing traders with what could ultimately be an early indication that a recovery phase is taking shape.
ENA Holds the $0.24 Support Zone
According to the data curated from TradingView, Ethena has been consolidating around the $0.24 price point, which historically has served as the point where the price will rebound after reaching that level. The price has been moving sideways while reducing greater levels of volatility due to what appears to be the tapering off or exhaustion of selling activity.
A breach of both the $0.28 and $0.31 resistance points could allow for the price to begin moving toward the target of $0.42, with the ultimate area of focus of $0.50.
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MA And MACD Suggest a Slow Momentum Shift
The TradingView chart shows, ENA is currently trading below both the 50-day and 200-day moving averages ($0.35 and $0.46, clear indicators that ENA is operating in the larger context of falling prices (i.e., downtrend). It can be seen that there is a decline in the length of the MACD histogram, indicating a decline in the momentum to the downside.
If there is a crossover indicated in the MACD, this would provide greater evidence for a subsequent rally toward the $0.50 target, as discussed.
Analyst Signal: ENA Could Hit $0.50
From Ali’s analysis, there appears to be support for ENA maintaining the support level at $0.24, which agrees with the previous charts and provides evidence for the potential of a bullish situation occurring, should ENA be able to retain that support level.
In conclusion, if ENA retains support at $0.24, it will allow for further movement in an upward direction through breaking through resistance at $0.31 and $0.35, thus resulting in movement toward the target price of $0.50.
Also Read: Ethena (ENA) Whale Buying Drives Momentum, Hinting at Upcoming Breakout
