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The Ethena price prediction is heading towards the upper boundary of the channel as the price hits the daily high at $1.23.
Ethena Prediction Statistical Data:
- Ethena Price Now – $1.19
- Market capitalization of Ethena – $3.57 billion
- Circulating supply of Ethena – 2.92 billion
- Total supply of Ethena – 15 billion
- Ethena Coinmarketcap Ranking – #46
ENA has shown impressive growth since its all-time low of $0.1953 on September 6, 2024, up 504.93%. Although its current 24-hour price range is hovering between $1.11 and $1.23, it is yet to reach its all-time high of $1.52 since April 11, 2024. This price movement highlights ENA’s continued growth potential, making it an attractive option for early investors. which have already achieved substantial results.
ENA/USD market
Key levels:
Resistance Levels: $1.50, $1.60, $1.70
Support Levels: $0.90, $0.80, $0.70
ENA/USD showed remarkable strength over the past weekend, becoming one of the strongest cryptocurrencies during this period. Technically, the pair reached an important resistance level between $1.05 and $1.10, an area established over the previous week. This resistance was decisively broken over the weekend, fueled by increased trading volume and major market news.
Ethena price prediction: would ENA overtake the Channel?
The ENA/USD pair is currently in a strong uptrend, trading within an ascending channel and climbing above the 9 and 21 day moving averages. The bullish crossover of these moving averages indicates sustained strength from buyers, with price testing the upper boundary of the channel near $1.20. If buying pressure and volume persists, 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 in the ascending channel could see the price return to the immediate support at $1.00 or the lower boundary near $0.95, which corresponds to the major moving averages. Sustaining above these levels would preserve the bullish structure, paving the way for bullish momentum. Conversely, a break below $0.90 could invalidate the uptrend, increasing selling pressure and risking a trend reversal. Although the overall outlook remains bullish, traders should monitor the resistance and support areas from $1.40 to $0.90, $0.80, and $0.70 for possible price changes.
ENA/BTC heads north
The ENA/BTC daily chart reveals persistent bullish momentum as the pair approaches the upper boundary of its ascending channel near 1168 SAT. The 9-day moving average (MA) at 1043 SAT remains firmly above the 21-day MA at 924 SAT, reflecting strong near-term bullish sentiment. However, the price is rising steadily, supported by rising trading volumes, indicating that buyers remain in control. If the current bullish momentum continues, ENA/BTC could test the key resistance level at 1420 SAT and above. A successful breakout above this level would signal additional strength, potentially opening the door to higher highs and extending the upward trajectory.
On the other hand, failure to break through the channel may lead to a correction, bringing price back towards immediate support at 01000 SAT, a psychologically significant level. If bearish pressure intensifies, the pair could move further towards the lower boundary of the ascending channel near 880 SAT and below, which coincides with the 21-day MA. This area would serve as critical support, maintaining the bullish structure for as long as it lasts. However, a break below this level could invalidate the uptrend and trigger a deeper decline.
Additionally, Crypto analyst @ali_charts shared on X (formerly Twitter) that #Ethena ($ENA) is showing signs of breaking out of a bullish pennant pattern, with a potential price target of $1.40.
#Ethena $ENA appears to be breaking out of a bullish pennant, targeting $1.40! pic.twitter.com/QQkt3lEqv7
– Ali (@ali_charts) December 15, 2024
Alternatives to Ethena
Ethena’s trading volume jumped 174%, reflecting considerable market interest. However, the leveraged trading activity that accompanies such spikes suggests the need for careful monitoring as it introduces potential volatility. Despite these fluctuations, the break above $1.10 appears likely to hold, supported by a broader market uptrend. In this regard, Wall Street Pepe has become one of the most popular coins of 2024, making waves with unprecedented demand during its pre-sale phase. Over the past few days, it has raised an impressive $23.6 million, far surpassing previous coin presales and drawing comparisons to historical launches.
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