Is Ethena (ENA) Set for a Breakout to $1 After Recent Gains?

• Ethena trades at $0.7042 after gaining over 8% in the last 24 hours.
• ENA’s daily trading volume has surged by over 35.50%.

The largest cryptocurrency, Bitcoin (BTC) has regained its lost momentum and trades at $95.7K. Ethereum (ETH), the largest altcoin reached $3.6K. This recent rally of ETH shifted focus to the altcoin market. However, with the Ethena market cap crossing $2 billion, the ENA price has surged by over 8.70%.

In the early hours, Ethena traded at $0.6294, and eventually, the asset mounted to a high of $0.7601. At press time, the asset trades at $0.7042. Furthermore, the market observed a liquidation of $1.51 million worth of Ethena within this period. The daily trading volume of ENA reached $601 million.

Moreover, Arthur Hayes, Co-Founder of BitMEX has increased the Ethena (ENA) accumulation. His latest crypto portfolio reveals a balance of $33.167 million, with a notable 5.053 million ENA tokens currently worth $2.89 million.

On the other side, the weekly price chart of Ethena exhibits a gain of over 34%. The asset began trading at $0.5282 and fluctuated within a bullish pattern. It continued the bullish momentum, will this bull rally lead to a price surge to the $1 mark?

Can ENS Stay on Its Bullish Path?

The current market sentiment of ENA is neutral and might approach the overbought zone, as the daily relative strength index (RSI) is located at 61. Ethena’s daily frame reveals the short-term 9-day MA crossed the long-term 21-day MA.

The four-hour price chart of Ethena reports the upside momentum. ENA’s current bullish pace might have the potential to test the crucial resistance at $0.7589. A steady climb beyond this mark could drive the asset’s price to hit its long-term goal of $1.

On the downside, if the ongoing uptrend reverses, ENA’s weaker support level might be found at $0.6486. Failure to hold this price range could trigger a further decline. While the growth potential is strong, slipping below support levels could trigger a major price drop.

In addition, the technical indicators of Ethena highlight the bullish outlook with the Moving Average Convergence Divergence (MACD) line likely settled above the signal line, forecasting the approach of a positive sentiment within the market.

Besides, the Chaikin Money Flow (CMF) indicator at 0.08 suggests a positive money flow. If the value increases, it might signal a solid demand in the market. In the meantime, Ethena’s daily trading volume has surged by over 35.50%.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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