The ENA token price has increased by 15.68% in the past 24 hours, reclaiming the market cap of $1B. Inching closer to the psychological mark of $0.50, the altcoin is teasing a potential triangle breakout rally.
Will this breakout rally help reclaim Ethena the $1 psychological mark before the end of 2024? Let’s find out now in our ENA price analysis.
Ethena Price Analysis
The daily chart reveals a long-coming resistance trendline in the ENA price action. Under the influence of this resistance trendline, the Ethena token price marked a low point at $0.1942, a drop of 87.24% from its all-time high of $1.522.
However, despite the increased volatility over the past few months, the ENA price has increased by 98.82% with the broader market recovery. It currently trades at $0.3861 and the 23.60% Fibonacci level at $0.32386. The Ethena token price is challenging the overhead resistance trendline.
On a side note, the recovery rally forming a support trendline completes a triangle pattern in the daily chart. Hence, the overhead trendline breakout will signify a triangle breakout rally.
Technical indicators:
EMA: With lower price rejection candles, the ENA price is sustaining dominance above the 50-day EMA.
RSI: The daily RSI line bounces back from the halfway level, challenging the 14-day average. Hence, the momentum indicator shows a surge in the bullish trend, increasing the possibility of a breakout.
Will The ENA Price Reclaim $0.50?
The triangle breakout rally will increase the possibility of ENA price reaching its all-time high level or the resistance trendline’s peak at the psychological mark of $1.50.
In the short term, the near-term Fibonacci levels at $0.5450 and $0.6878 are near-term resistances. Over the past four days, the Ethena token price action has made consecutive bullish candles while taking support from the dynamic average line.
Price action traders can wait for the market price to close above the overhead resistance trendline or the $0.40 mark before making a bullish entry. On the other hand, crucial support for ENA is present at $0.32386 and $0.25.
Will Ethena’s breakout rally reach $1 this year? Find out more in our ENA Price Prediction.
