Ethena has gained attention for its textbook price movement through Wyckoff’s market cycle phases, sparking optimism among investors. Crypto analyst RJ (@RJtradescrypto) shared insights on X (formerly Twitter) about ENA’s price transition from accumulation to the mark-up phase, marking it as one of the early movers in the current altcoin market cycle. This analysis, paired with ENA’s technical chart, suggests growing momentum and the potential for further price increases.
What you'll learn 👉
Ethena Price Chart Analysis
The chart for ENA demonstrates a clear progression through Wyckoff’s phases. During the distribution phase, the price peaked near $0.14, followed by a downtrend marked by increased sell-side volume. This led to the accumulation phase, where ENA’s price traded between a support zone at $0.04 and resistance at $0.06. This phase reflected a balance of supply and demand, as larger players accumulated positions.
A breakout above $0.06 signaled the start of the mark-up phase, characterized by higher highs and higher lows. The breakout was supported by increased trading volume, suggesting renewed market interest. Analysts predict that if this trend continues, ENA could revisit the $0.12-$0.14 range, previously seen during the distribution phase.
Insights on ENA and Altcoin Market Trends
RJ’s tweet provides a broader perspective on the current state of the altcoin market. He points out that many coins remain in their accumulation phase or are just beginning to break out. ENA, however, stands out as an early mover. RJ also referenced his strategic accumulation of altcoins in September, which coincided with ENA’s accumulation phase.
RJ’s statement, “Mark-up phase only just starting,” aligns with the observed chart patterns, further supporting the bullish outlook for ENA. He also highlighted stellar growth in USDE, suggesting a ripple effect across similar tokens.
Read Also: This Pattern Suggests XRP Price Could Rally 69X
Key Price Levels to Watch for ENA
The immediate support level for ENA’s price is now at $0.06, the breakout point from the accumulation phase. Resistance levels lie at $0.10 in the short term and $0.12-$0.14 in the long term. Investors are closely watching whether ENA can sustain its momentum and test these resistance zones.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
