Is Ethena Set for a Breakout? Market Indicators Point Toward Next Bullish Leg
- ENA retests key Fibonacci level as bulls aim to reclaim March highs near $1.27
- MACD and RSI show bullish momentum, suggesting room for a continuation rally
- Net outflows dominate, but sporadic inflows hint at dip accumulation by investors
Ethena (ENA) has shown signs of regaining bullish traction, even as it navigates a brief price pullback. After climbing from a low of $0.22 to a recent peak near $0.54, the token now appears to be in a healthy consolidation. According to analyst Ali Martinez, ENA is currently in the middle of a “bullish retest.”
The token is now testing the crucial $0.43–$0.44 range, which aligns with the key 0.618 Fibonacci retracement zone. A successful hold at this level could set the stage for another leg up, with a long-term view pointing toward a return to its March highs near $1.27.
Technical picture shows strength despite the dip
As of press time trading at $0.4606, $ENA has slipped 4.03% over the last 24 hours. However, the token has gained over 22% in the past we…
The post Is Ethena Set for a Breakout? Market Indicators Point Toward Next Bullish Leg appeared first on Coin Edition.
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Is Ethena Set for a Breakout? Market Indicators Point Toward Next Bullish Leg
- ENA retests key Fibonacci level as bulls aim to reclaim March highs near $1.27
- MACD and RSI show bullish momentum, suggesting room for a continuation rally
- Net outflows dominate, but sporadic inflows hint at dip accumulation by investors
Ethena (ENA) has shown signs of regaining bullish traction, even as it navigates a brief price pullback. After climbing from a low of $0.22 to a recent peak near $0.54, the token now appears to be in a healthy consolidation. According to analyst Ali Martinez, ENA is currently in the middle of a “bullish retest.”
The token is now testing the crucial $0.43–$0.44 range, which aligns with the key 0.618 Fibonacci retracement zone. A successful hold at this level could set the stage for another leg up, with a long-term view pointing toward a return to its March highs near $1.27.
Technical picture shows strength despite the dip
As of press time trading at $0.4606, $ENA has slipped 4.03% over the last 24 hours. However, the token has gained over 22% in the past we…
The post Is Ethena Set for a Breakout? Market Indicators Point Toward Next Bullish Leg appeared first on Coin Edition.
Read More
BitMEX’s Arthur Hayes Buys 2.16M ENA Tokens as Price Eyes New Highs