Price Analysis

End of Pullback Phase In ENA Price Teases $1 Breakout

With a phoenix-like crypto market revival, the buyers end the last week in a recovery mode. As Bitcoin recovery rally hits $64,000, the ENA price trend signals a bounce back from the $0.81 demand zone.

With the Ethena labs token on the verge of ending the pullback phase, the sideline traders are on the lookout for the next big jump. Will the ENA price rally continue above the psychological barrier of $1? Will this rally cross $2 in 2024? Find out more in our ENA Price Prediction.

Triangle Breakout Clears The Correction Air

Tradingview

Failure to sustain an uptrend above $1.50 leads to an intense pullback in ENA price, eventually breaking under the $1 milestone. However, the solid support at the $0.81 demand zone leads to a slow take-off, exceeding the overhead resistance trendline.

With a $1.28 billion market cap, the altcoin secures 73rd place on the list of top 100 coins. Currently, the ENA price trades at $0.90, with an intraday growth of 11.72%, leading to a bullish engulfing candle in the 1D chart. 

The underlying confidence is rising with a bullish comeback, surpassing the resistance trendline and forming a bullish engulfing candle. Hence, the recent bounce back brings a great opportunity to buy the dip. 

Technical indicators:

RSI Indicator: The daily RSI line shoots straight and maintains a positive trend, reflecting an underlying improvement. 

Will The ENA Price Cross $1?

As the broader market confidence improves, the bulls expect a favorable month. If the Bitcoin price manages to skyrocket beyond $65,000, the ENA price could experience an additional boost. 

As per the Fibonacci levels, an uptrend above $1 could hit the $1.76 mark. However, with the support of market recovery, the altcoin could aim for the $2.67 mark. 

SOURCE

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