Will Ethena Token Sustain Above $1?

Will Ethena Token Sustain Above $1?

In the early days of its launch, Ethena Labs’s ENA token gained massive attention. This is visible in the market price of Ethena tokens, which easily surpasses the $1 psychological barrier that keeps many altcoins within them. 

The launch comes at the perfect time amidst the growing demand for altcoins and the increasing possibility of an altcoins season with Bitcoin Halving. Hence, the chances of a bull run in the ENA price support the long-term HODLers’ anticipation. 


With a $1.43 Billion market cap, the ENA price has increased by 246% in just 48 hours. The market price of the Ethena token has surpassed the $1 barrier and created a peak at $1.31, while the all-time low remains the launch price of $0.29.

The massive run in the altcoin forms a bullish channel in the 1-hour timeframe. However, with a correction/pullback in the last few hours, the Ethena token price has dropped to the baseline. 

With a lower price rejection and a morning star, the ENA price takes from the support trendline. Currently, the Ethena token, with a growing buzz around it, trades at $1.04, with an intraday growth of 20%. 

Technical indicators:

DMI Indicator: Despite a close encounter, the VI lines regain positive alignment. The ADX line continues to fall, reflecting exhaustion during the early bull run. Hence, the indicator shows an uptrend in motion but a decrease in trend momentum.

Will The Ethena Token Price Reach $2?

With the massive bull run and the investors’ growing confidence, the market is an incubator for such new tokens. The ongoing reversal teases a bull run, potentially surpassing the $1.31 peak and testing the psychological barrier of $1.50.

However, with the Fibonacci levels, the breakout rally could hit the 1.618% level at $1.76. Hence, optimistically, the Ethena token shows the potential to reach the $2 mark.

Related posts

Is It Over For Decentraland (MANA) and The Sandbox (SAND) in 2023? Uwerx (WERX) Presale Kicks Off

EdaFace Admin

Bitcoin To Rally Hard While Gold Will Crash Below $1200 – Predicts Robert Kiyosaki

EdaFace Admin

Quant (QNT) and Dogecoin (DOGE) Holders Have Now Shifted Their Major Portfolio Towards Collateral Network (COLT)

EdaFace Admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More