The price of Ethena has had a strong day, nearly 17%. However, with recent developments, market watchers think it might be ready for another upward move.
Crypto analyst GONZO shared on X ENA’s weekly performance chart. He noted its solid trend pattern and what he called a “liquidity grab” – both positive signs for the token. His analysis caught traders’ attention, particularly since ENA has been one of the market’s best performers.
What you'll learn 👉
ENA Price Chart Indicates a Resilient Uptrend
On the weekly timeframe, the price of ENA demonstrates a well-maintained uptrend with higher highs and higher lows. The analyst emphasized that the liquidity grab, where Ethena’s price briefly dipped below a support zone before recovering, is a bullish indicator. This suggests the potential for buyers to re-enter the market, keeping the broader trend intact.
Support appears to align with the weekly EMA, possibly the EMA20, which has consistently acted as a buffer for price declines. Resistance zones are evident near recent highs around $1.20 to $1.30. Holding above the weekly EMA would support the continuation of the trend, while a weekly close below it could signal a deeper correction.
Ethena Chart Focuses on Key Resistance Levels
On the daily timeframe, ENA shows a pullback with price trading below the EMA100 and other short-term EMAs. These moving averages represent key resistance levels that must be reclaimed for the trend to regain bullish momentum.
The recent price action also includes a liquidity grab, aligning with the weekly perspective. The analyst outlined the importance of flipping the EMA100 and reclaiming the daily trend, which could pave the way for new highs. Failing to reclaim these levels could lead to further downside and a retest of lower support zones.
Analyst’s Outlook and Strategy
GONZ O remains optimistic about ENA’s price, citing its history of strong market performance. In the tweet, the analyst mentioned being “still in my long,” indicating confidence in recovery while awaiting confirmation of a bullish reversal.
This outlook aligns with the belief that ENA’s price could be one of the first coins to bounce back, provided it reclaims the highlighted levels. Both daily and weekly analyses point to a pivotal period for ENA as traders monitor its ability to regain critical price zones.
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The next steps for ENA hinge on price action around the EMA100 and the weekly EMA. A successful reclaim of these levels could attract more buyers and potentially lead to a continuation of the broader trend. Conversely, failure to hold support could lead to further consolidation.
As Ethena navigates these technical levels, market participants are following updates from analysts like G O N Z O, who remain optimistic about the coin’s recovery potential. For now, the charts suggest that ENA’s price trajectory will depend on its ability to balance near-term resistance and support.
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