ENA/USDT: Breakout Confirmed! Retest in Progress – Next Leg Up? 📈
0.3791
-10.5%
ENAUSDT
0.3789
-10.51%
Hey Binance Square family! 🌟
Ethena (ENA) has recently broken through a significant trendline resistance, signaling a potential bullish continuation. The price is currently undergoing a retest of the breakout zone, which could set the stage for the next upward move.
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📊 Market Snapshot
Current Price: $0.365
24h Change: +6.75%
24h High / Low: $0.3986 / $0.3044
Market Cap: $2.36B
24h Volume: $375.14M
Circulating Supply: 5.82B ENA
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🔍 Technical Analysis
After breaking out of a persistent downtrend, ENA is now retesting the breakout level, aligning with the 0.236 Fibonacci retracement. This confluence suggests a strong support zone, increasing the likelihood of a bullish continuation.
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🎯 Trade Setup
Entry Zone: $0.360 – $0.370
Stop Loss: $0.340
Take Profit Targets:
TP1: $0.390
TP2: $0.420
TP3: $0.450
TP4: $0.480
TP5: $0.500
Note: Adjust your position size to ensure that a stop loss hit does not exceed 1% of your trading capital.
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🧠 About Ethena (ENA)
Ethena is a decentralized finance (DeFi) protocol aiming to provide synthetic stablecoins and yield-bearing assets. Its native token, ENA, plays a crucial role in governance and utility within the ecosystem. Since its launch, ENA has gained significant attention, reflecting its growing adoption in the DeFi space.
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⚠️ Risk Management
Risk Only 1% of your capital in this trade.
Adjust Margin Size so that in case the stop loss is hit, your account loss will not exceed 1%.
Stay Disciplined and manage your risk effectively.
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🚀 Final Thoughts
With the breakout confirmed and a successful retest underway, ENA/USDT appears poised for its next upward move. However, always conduct your own research and trade responsibly.
Happy trading! 📈💰