Ethena (ENA) has been attracting attention in the crypto community, with recent technical analysis indicating the potential for a substantial price rally. Popular crypto analyst Gonzo shared on X (formerly Twitter) that ENA’s price is showing multiple bullish catalysts on its daily chart. 

Several technical indicators suggest that Ethena’s (ENA) price will continue to rise as it has been holding above important support levels. These elements might be the catalyst for a possible price spike in the days ahead.

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

The most striking aspect of ENA’s price movement is its position above the daily EMA100. As noted by Gonzo, this longer-term exponential moving average has been acting as solid support for the price. Holding above this level typically signals strong buying interest, suggesting that the bulls remain in control.

In addition to the EMA100, ENA’s price has been consolidating around a key horizontal support level. A bullish attitude has been reinforced by the price’s ability to remain above this zone despite multiple tests. The market may be getting ready for a possible breakout if this consolidation continues.

ENA’s bullish trend is also being sustained by short-term exponential moving averages, like the EMA20 and EMA50. These faster EMAs are positioned below the price, sloping upwards, which suggests immediate support and continued momentum.

The alignment of shorter-term EMAs beneath the longer-term EMA100 further supports the positive outlook for ENA, pointing to a well-supported uptrend.

Moreover, these shorter EMAs are frequently used by traders to predict the short-term direction of prices, and their current configuration suggests a positive buying scenario. A breakout that pushes the price higher might be possible if ENA’s price keeps finding support at these levels.

A key element of ENA’s chart is the breakout past a downtrend line in mid-September. With this change, a prior negative phase concluded, paving the way for the current upward trend. A traditional indicator of an upward trend, the price has been making higher highs and higher lows ever since.

A successful breakthrough over the current resistance level might lead to further higher action, and the market may be strengthening based on the prior consolidation phase. Because it might signal the next leg of ENA’s rally, market watchers should pay attention to this possible breakout.

Read Also: Analyst Shares Update on XRP Against Bitcoin, Reveals These Price Targets

The bullish divergence on the daily period is another significant indicator that Gonzo mentioned. A positive divergence occurs when the price makes lower lows and a technical indicator, such as the Relative Strength Index (RSI), makes higher lows. This trend, which suggests underlying strength despite price consolidation, is frequently interpreted as a sign of impending price increases.

The presence of a bullish divergence adds to the optimism surrounding ENA, suggesting that buyers are gradually building momentum. Combined with support from the EMAs and the horizontal support level, this divergence could serve as a signal for the next upward move.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post These Four Bullish Catalysts Suggest Ethena (ENA) Price Rally Is Near appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

128 +