Ethena price surges 11.23%: key support holds with $0.96 target in sight

by Heber Wilkinson

Ethena is keeping solid above structural crimson meat up after a appealing 11.23% rally, showing indicators of bullish continuation. With volume rising and rate keeping key phases, the next end might smartly be $0.96.

Summary
  • ENA confirmed a bullish retest of the $0.47 crimson meat up with solid volume inflow.
  • Mark is forming the next low, affirming bullish market constructing.
  • $0.96 is the next major resistance and upside purpose if momentum continues.

Ethena’s (ENA) most as a lot as date rate motion confirms strength because it trades firmly above a chief technical pronounce shut to $0.47. This diploma has beforehand acted as resistance however has now flipped into crimson meat up, a textbook bullish retest. The pronounce moreover aligns with the price location high and the VWAP crimson meat up, constructing solid structural confluence for a doable mistaken to create.

Key technical points

  • High Time Frame Wait on at $0.47: Severe diploma keeping rate up, now flipped from resistance to crimson meat up.
  • Solid Quantity Profile: Bullish influxes counsel inquire is active around present phases.
  • Subsequent Resistance at $0.96: High timeframe purpose if crimson meat up holds and constructing continues upward.
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ENAUSDT (1D) Chart, Supply: TradingVIew

From a technical level of view, the price is forming a doable better low after reclaiming and keeping above the $0.47 pronounce. This location is now not handiest structurally valuable as a historical resistance diploma however moreover aligns with a pair of high-likelihood crimson meat up indicators care for the VWAP and the price location high. These overlapping signals add self assurance that this diploma might serve as a launchpad for additonal upside circulate.

The volume profile adds some distance more weight to the bullish case. For the reason that rally began, there’s been a considered uptick in procuring volume, a key metric that usually precedes sustained momentum. Not like old rallies that primitive without volume crimson meat up, ENA’s present switch is showing real indicators of inquire.

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What’s particularly valuable is that this switch comes after a clear retest. Old rate motion had rejected from the $0.47 pronounce, however now that it’s been reclaimed and defended, it solidifies the pronounce as a newly established inquire zone. Constructing a mistaken at this diploma increases the likelihood of the present trend persevering with to the upside.

Looking out forward, the $0.96 diploma is the next high timeframe resistance, and it remains the focal level. This diploma moreover corresponds to a swing high formed at some level of a old rally, a logical level the place traders might watch to take earnings or the place sellers might step again in. For this purpose to be hit, ENA wants to preserve its momentum and proceed forming better lows on the decrease timeframes.

What to request in the arriving rate motion

As prolonged as ENA holds the $0.47 crimson meat up, the bullish bias remains legitimate. With rising volume and solid structural confluence, rate might possibly rotate toward the $0.96 resistance in the short to medium timeframe.

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