The last 48 hours have seen ENA through another milestone after pausing buying actions for a month. It resumed bullish this week and now leads the daily altcoins rally with a 30% surge since yesterday.
From a short-term perspective, ENA has recovered well from its two-month low but it seems poised for a bigger move following the latest price jump. As we can see on the daily chart, the market structure is gradually shifting to the upside.
This came after losing traction for straight three weeks but it later found support above a two-month rising trendline last weekend. The price bounced back and jumped to a new multi-week high.
Currently, ENA looks strongly bullish on the daily chart as the trend reverses, although the price is still within the bear zone on the mid-term scale. If they show up again, the bullish move may slow down.
However, considering the positive speculations surrounding the crypto market lately, more growth can be expected as the price just broke out of a key resistance level, tested in July.
Looking at the current price actions, there are no signs of selling at the moment. But if the price further drops due to the latest rejection, we may see a small pullback into the $0.4 range before bouncing back. As of now, the price is still in favour of the bulls.
ENA’s Key Level To Watch
Retaking the daily $0.554 high, the immediate resistance level for a test right now is $0.653. If the price increases above it, the next resistance level to watch for is $0.777. There’s also resistance at $0.91 and $1.
While the previous monthly $0.464 high is now acting as support, a dip below it could bring us back to $0.363. The $0.32 and $0.28 levels are lower support to consider if the price dips below the rising trendline.
Key Resistance Levels: $0.554, $0.653, $0.777
Key Support Levels: $0.464, $0.363, $0.32
- Spot Price: $0.505
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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Source: https://nulltx.com/ethena-price-analysis-prediction-november-8-ena-bulls-return-after-a-short-break-is-1-the-next-target/