As Ethena (ENA) and Chainlink (LINK) exhibit notable movements on their respective charts, traders are watching for potential breakout levels. These assets show promising technical setups that suggest possible upward momentum.
Crypto analysts Cray and Jip Molenaar shared that Ethena’s price is approaching a resistance level, while Chainlink’s price aims for higher targets after reclaiming key zones. Chainlink’s performance has also positioned it among the top five gainers in the crypto market today, signaling strong market interest.
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Ethena (ENA) Chart Analysis: Triple Bottom and Resistance Level
Ethena (ENA) price is trading around $0.3915, which marks a key resistance level on the chart. The chart displays a triple bottom pattern—a formation generally associated with a potential bullish reversal.
This setup indicates that buyers have stepped in repeatedly, creating a supportive foundation near the lower levels. The series of higher lows aligns with Cray’s observation in his tweet that there are “higher lows in the making,” hinting at strengthening bullish momentum.
If Ethena price breaks above the $0.3915 resistance level, it could trigger a potential rally toward the next target range between $0.50 and $0.70. Cray mentioned the possibility of opening a leveraged position if ENA breaks this level, emphasizing the importance of a confirmed breakout. Traders are watching for signs of increased buying pressure to see if Ethena can maintain an upward trajectory.
Chainlink (LINK) Price Recovery and Range High Target
Chainlink (LINK) has demonstrated resilience, trading within a defined range between $10.00 and $13.00. The chart shows that LINK experienced deviations below both the range low and mid-range levels, briefly dipping below key zones.
However, it quickly reclaimed these levels, a move often associated with false breakdowns in range-bound markets. Jip Molenaar highlighted that deviations below the range low and mid-range have been “confirmed,” setting the stage for an upward move.
With LINK moving back toward the range high at $13.00, traders are anticipating further gains if this level is reached. LINK’s upward momentum aligns with its position among the top five gainers in the crypto market, further highlighting its strength in the current market environment.
Read Also: Maker (MKR) Price Breaks Key Levels as SEI Price Hints at Upside Potential
Key Levels and Target Zones for Ethena and Chainlink
For Ethena, the primary focus remains on the $0.3915 resistance. If it breaks, traders will likely set sights on the green target area between $0.50 and $0.70 as a potential profit-taking zone.
Chainlink’s structure is slightly different, with clear levels marking its range. The range high of $13.00 is the immediate target, with recent price action indicating increased buying pressure near the mid-range level of around $11.50.
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