Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Ethena (ENA) on the Move: Is a Rally in the Works?

Ethena (ENA) on the Move: Is a Rally in the Works?

CoineditionCoinedition2024/06/14 21:16
By:Coin Edition
  • ENA indicates potential for a short-term rebound despite the prevailing downward trend.
  • Key resistance at $0.800; a breakout might lead to a price rally towards $0.900.
  • Strong support levels at $0.700 and $0.600 suggest strong buying interest.

Ethena (ENA), a cryptocurrency currently experiencing volatility, is showing signs of a potential rebound despite a recent downward trend, according to technical analysis.

As of writing, ENA is trading at $0.730, reflecting a 1.53% increase over the past 24 hours. 

The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.

Ethena (ENA) on the Move: Is a Rally in the Works? image 0 Ethena (ENA) on the Move: Is a Rally in the Works? image 1

The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.

Moving averages offer trend direction insights. As of writing, ENA price is below the 50-period moving average, indicating short-lived bearish momentum. A breakout above this moving average could indicate a potential trend reversal. Moreover, the price is below the 200-period moving average, confirming a long-term bearish trend. The 200-period MA around $0.900 is crucial for a long-term trend change.

The Relative Strength Index (RSI) is at 44.75 suggesting that ENA might be oversold, with a potential reversal or consolidation. The Moving Average Convergence Divergence (MACD) line is below the signal line, indicating bearish momentum. However, the narrowing gap between the MACD and the signal line suggests a weakening bearish momentum. 

Ethena (ENA) on the Move: Is a Rally in the Works? image 2 Ethena (ENA) on the Move: Is a Rally in the Works? image 3

ENA shows potential for a short-term rebound despite a prevailing downward trend. The price may attempt to break the $0.800 resistance level. A successful breakout might lead to a price rally towards $0.900. The current market sentiment suggests cautious optimism, with critical support levels at $0.700 and $0.600 providing strong buying interest zones.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

2

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

The central bank sets a major tone on stablecoins for the first time—where will the market go from here?

This statement will not directly affect the Hong Kong stablecoin market, but it will have an indirect impact, as mainland institutions will enter the Hong Kong stablecoin market more cautiously and low-key.

Chaincatcher2025/11/29 19:17
The central bank sets a major tone on stablecoins for the first time—where will the market go from here?

Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire

A few days before his death, Munger asked his family to leave the hospital room so he could make one last call to Buffett. The two legendary partners then bid their final farewell.

ForesightNews2025/11/29 18:52
Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire

Stacks Nakamoto Upgrade

STX has never missed out on market speculation surrounding the BTC ecosystem, but previous hype was more like "castles in the air" without a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.

雨中狂睡2025/11/29 17:51
Stacks Nakamoto Upgrade