As the entire altcoin market finds an overnight boost, the bullish trend continues in the Ethena Labs token. With the ENA token price rising day by day, the underlying demand seems healthy and growing, with no visible signs of exhaustion.
The uptrend signals a breakout rally, with the altcoin gaining momentum as the overall market bounces back. Will the ENA price rally continue and hit the $2 mark this week?
Ascending Triangle Breakout Prolongs Uptrend
With a dominant support trendline in the 1H chart, the newly launched ENA token continues a bullish uptrend. Further, the ENA price chart shows the recent jump surpassing the overhead barrier at $1.20.
With the breakout event, the Ethana Labs token is close to approaching the $2 billion market cap. The token has witnessed a surprising 371% rise from its inception price of $0.29.
Currently, the ENA price trades at $1.38, with an intraday growth of 6.70% to form another bullish candle. This led to the fifth consecutive bullish candle and reflected a constant rise in the underlying bullish momentum.
Technical indicators:
RSI Indicator: With the massive uptrend, the RSI line enters the overbought segment, bolstering the uptrend momentum.
EMA: The bullish trend births a positively rising 50 EMA in the 1H chart, supporting the uptrend and providing a dynamic bouncepad.
Will The ENA Price Reach $2?
With the ENA price surpassing the $1.20 mark, the bulls lead to an ascending triangle breakout in the 1H chart. This signals a high likelihood of a bullish trend continuation for the altcoin.
As per the Fibonacci levels, the breakout rally could hit the $1.76 mark. However, with a boost in the overall market recovery, the altcoin could aim for the $2.67 mark.
