Ethena has seen close to a 40% decline in price in the last week as the crypto market continues to wallow in bearish sentiment. However, some analysts still think ENA has a lot to offer this bull run.
Crypto analyst @CryptoELITES has released a technical analysis suggesting Ethena (ENA) could reach $10 during the current bull cycle, with an ambitious long-term target of $25.
The technical outlook for ENA appears particularly promising, as identified by @CryptoELITES in their recent analysis. A clear Cup and Handle pattern has emerged on the charts, widely recognized as a powerful bullish continuation signal. This classic formation consists of a rounded bottom (the cup) followed by a period of consolidation (the handle), typically preceding significant upward breakouts.
@CryptoELITES has mapped out several key price targets for ENA’s upward trajectory. The first major resistance level sits at $4, which would represent the initial breakout point following the handle formation. From there, the analyst sees a clear path to $6.50 as an intermediate target before pushing toward the headline $10 objective.
The Path to $10 and Long-term Bullish Case
What makes @CryptoELITES’ analysis particularly noteworthy is the methodical approach to these price targets. The current chart structure shows ENA trading within an upward-sloping channel, having already shown signs of breaking above the handle’s neckline. This technical setup provides a strong foundation for the projected move toward $10.
Perhaps most intriguingly, @CryptoELITES suggests that $10 might not be the ceiling for ENA during this bull cycle. The analyst has outlined an ambitious scenario where ENA could extend its rally to $25, representing a remarkable rise from current levels. While this target might seem aggressive, it’s worth noting that such moves aren’t unprecedented during strong crypto bull markets.
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The current analysis deserves attention, considering the broader crypto market context. However, investors should note that these projections assume continued bullish momentum and favorable market conditions. The key levels identified by @CryptoELITES at $4 and $6.50 will serve as crucial confirmation points for this bullish scenario to unfold.
Success of this projected rally will largely depend on ENA maintaining its momentum above the handle formation’s neckline and successfully breaking through each resistance level. As with any technical analysis, external market factors and overall crypto sentiment will play crucial roles in determining whether these ambitious targets can be reached.
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