Ethena Price Gains Momentum With 127% Volume Spike, Eyes $0.850

• Ethena (ENA) price is showing a strong rebound after a solid price correction.

• ENA price surged by almost 15% in the last 24 hours, suggesting bullish momentum.

Ethena (ENA) is showing solid technical recovery and a strong base formation above key moving averages. As per CMC data, the Ethena price is up by almost 15% in the last 24 hours with a 127% volume spike; the altcoin might be in a good position to move upwards further to the target of $0.850.

As shown in the daily chart, ENA has been trading above both the major exponential moving averages. The current price of $0.61897 is well above the 200-day EMA at $0.6189 and the 50-day EMA at $0.5045, showing bullishness. This placement above key technical levels is a major change in market structure, where former resistance areas have become potential support zones. The overlapping and rising trend of these moving averages forms a bullish pattern, which usually leads to prolonged price increases.

Technical momentum indicators are supporting the positive picture. The ENA has an RSI value of 58.13, which places it in the healthy range, far above the neutral 50, but still has space to experience further upward trends without hitting the overbought area. This neutral momentum value indicates that the ongoing rally is sustainable in nature and not speculative.

What Next For Ethena Price?

The MACD indicator also supports the bullish thesis further, as the histogram indicates positive momentum and the MACD line is trading above the signal line. Such a crossover trend is usually a sign of increasing buying pressure and indicates that the recent price recovery has solid technical support.

In a more general sense, the chart pattern of ENA indicates a strong rebound since July, when the altcoin dropped to approximately $0.255 support level that has stood firm throughout the market correction. The ENA price has shown remarkable strength by rising about 200% out of these lows and setting a pattern of higher lows and higher highs, which are indicative of an emerging uptrend.

The market mood seems to be turning more positive as ENA keeps holding above major technical levels. The key resistance target is at the $0.850 level, which represents about 37% of the potential upside of the current levels. As long as the momentum keeps gathering with the supporting volume, this target becomes more and more attainable as the technical indicators work in its favour.

The bullish alignment of moving averages, positive momentum indicators, and robust chart structure puts ENA in a good position to appreciate in the near future.

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