ETHENA PRICE ANALYSIS & PREDICTION (October 16) – ENA Faces Key Resistance Line After Surging 48% weekly, Possible Pullback?

As the Defi sector gains traction this week, ENA turned more bullish as it doubled its price in a month. Despite witnessing a rejection today, it still leads the top gainers spot with an 8% surge in the last 24 hours.

Two months ago, ENA’s price reached an extremely oversold condition after declining seriously for months. This led to a serious setback but the token managed to pick up after locating support at $0.195.

Initiating its first major buy in six months, the price increased for four weeks and peaked at $0.42 late last month. Unfortunately, the buying halted and the price rolled back. This led to a bearish start this month but the bulls defended well and pushed back at around $0.2 last week.

Holding that level as support, the price increased steadily until it reached $0.46 yesterday, testing a rising trendline acting as dynamic resistance since August. Today marks a second attempt to break this line but the bulls fail due to a rejection.

Looking at the daily chart, ENA has retraced slightly to where it now trades at $0.43. While the key $0.4 level serves as a support for the market, losing it may bring a little drawdown before picking up again.

And if the mentioned level continues to hold as support, the crypto will likely resume buying at full speed. That should lead to a major breakout of this rising trendline. Still, it is considered bullish on the daily chart.

ENA’s Key Level To Watch

Source: Tradingview

While there’s still room for an increase in the long term, the price must break above the trendline to test the $0.517 resistance. On the way up, there’s a minor resistance at $0.6 before tapping the $0.724 level.

Inversely, the price may slip below $0.4 to test the $0.282 level, now considered as support. Right below this level lies $2. If a break occurs, last month’s low would be the next level to watch.

Key Resistance Levels: $0.517, $0.6, $724

Key Support Levels: $0.4, $0.282, $0.2

  • Spot Price: $0.435
  • 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-october-16-ena-faces-key-resistance-line-after-surging-48-weekly-possible-pullback/