As of May 18, 2025, Ethena (ENA) is trading at approximately $0.3766, with a 24-hour range between $0.3477 and $0.3852.

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📊 Technical Overview

• Trend: ENA has recently broken out from an 88-day descending resistance trend line, suggesting a potential shift in momentum. 

• Support Zone: The $0.33–$0.36 range is identified as a strong support area, aligning with prior demand zones and Fibonacci support levels. 

• Resistance Levels: Immediate resistance is observed around $0.45, with a potential next target at $0.80 if the price breaks above this level. 

• Indicators:

• MACD: A bullish crossover suggests building upward momentum.

• RSI: Currently neutral, indicating neither overbought nor oversold conditions. 

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📈 Trade Setup Suggestion

Given the current market conditions and technical indicators:

• Entry Point: Consider entering a long position if ENA approaches the support level around $0.36 and shows signs of a bounce.

• Stop-Loss (SL): Set a stop-loss slightly below the support level, for instance, at $0.33, to manage risk in case the price continues to decline.

• Take-Profit (TP): Aim for a take-profit near the resistance level at $0.45, which could yield a favorable risk-to-reward ratio.