Price Analysis

After a 45% Drop in June, Here’s What Awaited for Ethena (ENA) Price Rally in Q3 2024

The crypto markets are recovering after a brief bloodshed and hence the popular tokens, which were experiencing huge attention, have resumed their bullish streak. One among them is Ethena, a synthetic dollar protocol on Ethereum, which seems to be gearing up for fresh bullish action as the year’s first half is about to end. The ENA price has triggered a marginal rise of nearly 3% since the early trading hours, which has lifted the levels above the bearish range. 

Now that the price has dropped by nearly 50% from the $1 milestone, can it revamp a strong bull run to reclaim the levels in July?

Soon after its launch, the ENA price marked new highs above $1.5, which resulted in a massive pullback that has remained unchanged until now. Regardless of the bearish pressures, the ENA price is displaying the possibility of a bullish reversal, which may subdue the persisting selling pressure over the token in the coming days. 

As seen in the above chart, the ENA price has reached the lowest levels of the month, and hence the bulls have entered for rescue. The price has been achieved with the correction that occurred after breaking out from the falling wedge. The technicals also support the bullish narrative as the RSI has shown a bullish reversal while the MACD is about to undergo a bullish crossover with a massive drop in the selling pressure. 

It has to be noted that during the previous pullback, the MACD remained within the bullish range and hence the current rise above the bearish levels flashes huge buy signals. Therefore, the Ethena (ENA) price is believed to maintain a healthy ascending trend and surpass the interim resistance at $0.76 which could clear the path towards $1. However, the upcoming quarterly close may shed huge light on the next price action which is largely believed to be bullish. 

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