Ethena: The Crypto That’s About to Explode 🚀🤑
- ENA‘s bounce from Fibonacci 0.618 signals a bullish setup, with $2.61 as the ultimate target.
- Analysts forecast ENA’s rally above $1.46 resistance, unlocking mid- and long-term gains.
Ethena [ENA] displayed a strong technical setup, with its price structure forming a higher low within a defined ascending channel.
This price movement has caught the attention of market analysts, who see the potential for further gains based on Fibonacci retracement levels and key resistance targets. The audacity of this coin is undeniable, but are those targets actually achievable? 🤔
Technical setup indicates a bullish trend
ENA was trading at $0.915 at press time, with a 24-hour trading volume of approximately $1.24 billion, reflecting a 5.80% increase in the past day.
The price recently retraced to the Fibonacci 0.618 level, a widely observed support zone in bullish markets.
This level, which coincides with the lower boundary of the ascending channel, is acting as a springboard for potential upward momentum. Let’s hope it doesn’t turn into a diving board, because if this thing fails, we’ll be looking at a much deeper retracement than a Fibonacci 0.618! 🤪
According to the analysis by Rose Premium Signals,
“ENA is showing bullish potential as it bounces from a strong Fibonacci 0.618 retracement zone within an ascending channel.”
The analyst highlights this setup as an example of disciplined market structures providing trading opportunities. Perhaps, but you know what they say: “The only disciplined markets are those that are already closed.” 😉
Key targets and resistance levels
ENA’s current price action aligns with mid-and long-term targets that could see the cryptocurrency test higher levels. The first target is $1.6373, marking an important resistance zone.
Breaking above this level would confirm the bullish outlook for ENA in the medium term. The second target lies at $2.1521, where some selling pressure is anticipated. The ongoing trend suggests this level is achievable. Wait, is that a hint of skepticism? 😱 Are we going to see another rug pull? 🤦♂️
A longer-term target of $2.6178 represents the top of the projected move within the ascending channel. This is achievable should momentum continue. If it does, watch out for the moon boys! 🚀
Additionally, another analyst, Bitcoin Meraklısı, noted the importance of the $1.46 resistance level, a key threshold within a cup structure that has formed since ENA’s listing.
The analyst remarked,
“We believe the real upward movement will begin when ENA rises above this level.”
Network activity and market sentiment
The recent rise in ENA’s price coincides with broader market activity. Large transactions peaked in mid-December 2024, with over 600 recorded transactions, suggesting heightened participation by larger investors, Based on IntoTheBlock data.
However, transaction volume has since slowed, with 124 large transactions logged in the past 24 hours. This is a bit of a downer, isn’t it? 🤔
Meanwhile, data on address activity shows a drop in new addresses by 14.70% over the
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2025-01-21 04:07