$ENA
š Market Overview
Current Price: Approximately $0.3783
Recent High: Peaked at $0.45 after a ~70% surge since May 7
Support Levels: Key support at $0.3750; a drop below may indicate further downside
Resistance Levels: Facing resistance around $0.3945
Analysts note that $ENA is exhibiting signs of exhaustion after failing to maintain levels above the $0.3945 resistance zone. The price action reflects indecision, with several rejection wicks suggesting potential bearish pressure if support at $0.3750 fails to hold.
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š Technical Insights
Bullish Patterns: A bullish double bottom formation has been identified, with projections targeting $0.90ā$1 by Q3 2025
Fractal Analysis: ENA's current price structure mirrors that of SUI's 2024 breakout, indicating a possible bullish fractal pattern
Indicators: A bullish MACD crossover suggests upward momentum
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š§ Platform Developments
App Enhancements: Ethena has introduced new features, including direct fiat onboarding, stablecoin swaps to USDe, and bridging USDe to 22 supported chains
Token Unlock: On May 2, 40.63 million ENA tokens were unlocked, representing about 0.73% of the circulating supply
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š Trade Signals
Short Trade Setup:
Entry: $0.3790 ā $0.3820
Take-Profit (TP): $0.3705 / $0.3650
Stop-Loss (SL): $0.3840
Outlook: Bearish pressure is building, with volatility rising as bulls struggle to hold levels
Long Trade Setup:
Entry: $0.3860 ā $0.3854
Take-Profit (TP): $0.3945
Stop-Loss (SL): $0.3820
Outlook: A bullish breakout is in play, with strong momentum after bouncing from the lower demand zone