Ethena The token has experienced a significant rise over the past week after a brief period of downtrend. This indicates that there is an increase in buying and selling pressure for altcoins in the crypto market.
Moreover, despite experiencing a 41.27% correction after recording an ATH (All Time High), ENA price is up around 22% since its inception. This emphasizes that there is a high probability of an upward price movement in the coming period.
Ethena Price Shows Upward Movement
The ENA token immediately attracted a lot of attention in the crypto market when it was launched on April 2 at a price of $0.60. The token valuation reached an all-time high of $1,523 on April 11 (an increase of 153.83%).
During this period, Ethena price traded under a constant negative impact. However, it has exhibited an upward movement in recent days, making a jump of 13.82%. Additionally, it highlighted the high potential for a positive price movement throughout this week.
Additionally, the Simple Moving Average (SMA) supports the price chart, indicating a bullish outlook for the altcoin in the coming period.
Moving Average Convergence Divergence (MACD) is a trend in the crypto industry by showing a steady green histogram on the chart. altcoin It indicates increasing bullish sentiment for It shows that the averages are constantly increasing and the price will continue to appreciate.
Will ENA Price Rise?
If the market price remains above the $0.875 support level, the bulls will prepare to test the $1,070 resistance level next weekend. Keeping the price at this level will pave the way for the ENA price to try to test its upper level of $1,280 in the coming period.
However, if the bears dominate the market and the price falls below the $0.875 support level, this could cause the price to lose momentum and trigger a decline. If the bears maintain control, ENA could head towards testing this month’s low of $0.70.
