ENA recently surged with Bitcoin’s rise, eyeing $0.36 resistance but facing potential correction.
OBV and MFI show bullish momentum, but bearish divergence hints at short-term dip.
Watch for support at $0.318–$0.313, with $0.36 as a key resistance level.
Ethena’s ENA has had a rollercoaster ride since March, with highs and lows testing investors’ patience. The recent Bitcoin surge past $100k sparked an impressive 27% price gain for ENA in just one day. But with resistance at the $0.36 mark looming, the question remains—can ENA break through this barrier, or will a correction stall the momentum? Let’s dive into what’s driving Ethena’s price action and what traders should watch out for.
https://twitter.com/CryptoJobs3/status/1920496360047915266?t=pQ3roWRqjhCLrtSz8-ks9Q&s=19 A Surge in Momentum and Trading Volume
Ethena has been trading within a descending channel, a pattern that often signals a possible breakout—or a continuation of the trend. However, the swift rally fueled by Bitcoin’s surge pushed ENA to new highs, sparking a surge in trading volume. This sudden spike in activity suggests that traders are eyeing the $0.36 resistance zone. The channel’s upper boundaries now stand as the next target.
Despite the positive momentum, the price dip from $0.365 to $0.256 earlier in the month shows the fragility of this rally. But recent gains have reversed some of that damage, with the On-Balance Volume and the Money Flow Index indicators showing positive upticks. If this trend continues over the next week or two, Ethena may be in a strong position to break past the $0.36 resistance level.
What’s Next for ENA? Price Targets and Potential Risks
Looking at the liquidation heatmap, a cluster of untested liquidity levels remains overhead. Particularly, there’s a dense group at $0.343—marking a potential target in the coming days. Ethena’s price will likely test these levels before attempting another breakout. For traders already holding long positions, the $0.36 mark is the region to watch. This aligns with both the resistance levels and the channel highs, making it an ideal profit-taking zone.
However, there’s still uncertainty in the air. The bearish divergence on the shorter timeframe suggests that, while the momentum looks promising, a pullback remains a likely scenario. If ENA manages to break through $0.36, the next hurdle could be even more challenging. Ethena has the potential to overcome the $0.36 resistance, but short-term volatility could test traders' nerves.
The recent surge in volume and positive momentum suggest a breakout is possible, but risks remain. Traders should watch for a potential dip to support levels before a continued push past resistance. With solid targets and key levels in mind, Ethena’s path forward hinges on sustained momentum.
