Ethena’s Bullish Momentum Accelerates as Traders Eye $0.85 Target

• Ethena is making a buzz in the market by showcasing extraordinary performance; its price has surged by almost 65% in the last month.

• ENA price has surged by almost 16% in the last 24 hours. Not only has the daily trading volume has also surged by 280% showcasing bullish momentum.

ENA has become one of the most outstanding performers in the crypto market, showing a strong performance with a 65% gain in the last month. As per CMC data, the current price movement of the token is trading at $0.7598, and it has surged by 16% in the last 24 hours, showing a strong bullish trend that has attracted investors and trading interest.

The technical picture of ENA is also very bullish shown by various indicators. The formation of a golden cross, in which the 50-day EMA ($0.579) has crossed above the 200-day EMA ($0.480), is a classic bullish pattern that can be followed by long-term bullish trends. This cross-over implies that short-term momentum has taken a firm hold over the longer-term trends, which means that there is a possibility of further appreciation.

The MACD indicator supports this optimistic view and is currently trading in positive territory with the MACD line above the signal line. This structure is normally an indication of good buying pressure and continuation of momentum. In the meantime, the RSI level of 61.77 implies strong bullishness without being in the overbought zone, and there is still some upside potential before the altcoin is likely to face profit-taking pressure.

What Next For Ethena Price?

The Supertrend indicator, which has a positive value of 0.58152, indicates the existing upward trend. This trend-following indicator assists in determining the prevailing market trend, and at present, it is supporting the bullish case. The price action shows good momentum with higher highs and higher lows, which are typical of a healthy uptrend.

The recent market statistics indicate an outstanding trading volume, which has increased by about 280% iin the past 24 hours and a 16% rise in price. The rising prices and increasing volume are normally a sign of true buying interest and not speculative moves, which gives credence to the current rally.

In the short term, technical analysis indicates that the next target is at $0.85, which is a potential upside of around 12%. The 50-day EMA at $0.579 has now become a strong support level. This level must be watched keenly since it is the most important level where buyers are likely to hold the uptrend.

The alignment of various bullish indicators places ENA in a good position to record further outperformance in the short term.

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