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The Ethena price prediction is heading toward the upper boundary of the channel as the price touches the daily high at $1.23.
Ethena Prediction Statistics Data:
- Ethena price now – $1.19
- Ethena market cap – $3.57 billion
- Ethena circulating supply – 2.92 billion
- Ethena total supply – 15 billion
- Ethena Coinmarketcap ranking – #46
ENA has shown impressive growth since its all-time low of $0.1953 on September 6, 2024, rising by 504.93%. While its current 24-hour price range fluctuates between $1.11 and $1.23, it has yet to reach its all-time high of $1.52 from April 11, 2024. This price movement highlights ENA’s potential for continued growth, making it an attractive option for early investors who have already seen substantial returns.
ENA/USD Market
Key Levels:
Resistance levels: $1.50, $1.60, $1.70
Support levels: $0.90, $0.80, $0.70
ENA/USD has shown remarkable strength over the past weekend, emerging as one of the most robust cryptocurrencies within this period. Technically, the pair has reached a significant resistance level between $1.05 and $1.10, a zone established during the previous week. This resistance was decisively broken over the weekend, fueled by increased trading volume and key market news.
Ethena Price Prediction: Would ENA Break Above the Channel?
The ENA/USD pair is currently exhibiting a strong bullish trend, trading within an ascending channel and climbing above both the 9-day and 21-day moving averages. The bullish crossover of these moving averages indicates sustained buyer strength, with the price testing the channel’s upper boundary near $1.20. If buying pressure and volume persist, ENA/USD could break resistance at $1.40 and potentially target higher levels, such as $1.50, $1.60, and $1.70. However, the $1.40 resistance level poses a significant challenge, and failure to overcome it could result in a pullback.
Meanwhile, a correction within the ascending channel could see the price retracing to immediate support at $1.00 or the lower boundary near $0.95, which aligns with key moving averages. Holding above these levels would preserve the bullish structure, setting the stage for upward momentum. Conversely, a break below $0.90 could invalidate the uptrend, increasing selling pressure and risking a trend reversal. While the overall outlook remains bullish, traders should monitor the $1.40 resistance and support zones at $0.90, $0.80, and $0.70 for potential price shifts.
ENA/BTC Heads to the North
The ENA/BTC daily chart reveals a persistent bullish momentum as the pair approaches the upper boundary of its ascending channel near 1168 SAT. The 9-day moving average (MA) at 1043 SAT remains firmly above the 21-day MA at 924 SAT, reflecting strong short-term bullish sentiment. However, the price is steadily climbing, supported by rising trading volumes, indicating that buyers remain in control. Should the current upward momentum continue, ENA/BTC could test the key resistance level at 1420 SAT and above. A successful breakout above this level would signal further strength, potentially opening the door for higher highs and extending the bullish trajectory.
On the other hand, failure to break above the channel may lead to a correction, pulling the price back toward immediate support at 01000 SAT, a psychologically significant level. If bearish pressure intensifies, the pair may retreat further toward the lower boundary of the ascending channel near 880 SAT and below, which coincides with the 21-day MA. This zone would serve as critical support, maintaining the bullish structure as long as it holds. Nonetheless, a breakdown below this level, could invalidate the uptrend and trigger a deeper decline.
Moreover, Crypto analyst @ali_charts shared on X (formerly Twitter) that #Ethena ($ENA) is showing signs of breaking out from a bull pennant pattern, with a potential price target of $1.40.
#Ethena $ENA appears to be breaking out of a bull pennant, targeting $1.40! pic.twitter.com/QQkt3lEqv7
— Ali (@ali_charts) December 15, 2024
Alternatives to Ethena
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