Despite the growing amount of purchasing demand, Ethena aims for $1.00

At the time of this publication on Monday, Ethena had reached its highest price in the last half year, having increased by 6%. There has been a continuation of the bullish run for the sixth day in a row, with the objective of reaching the psychological threshold of $1,000,000 (annual high).

The rising 100-day and 200-day Exponential Moving Averages (EMAs) provide further support for the bullish potential. These EMAs hint to the possibility of a Golden Cross, which would indicate a buy signal as the recovery run outgrows the predominant negative effect.

Based on the reading of the Relative Strength Index (RSI) on the daily chart, which is 76, it is clear that there is a growing interest in Ethena. This reading indicates that the purchasing pressure has reached levels that are considered to be overbought. Additionally, on Saturday, the Moving Average Convergence Divergence (MACD) line flashed a buy signal when it passed above its signal line. This occurred when the line crossed above its level. Increasing bullish momentum is indicated by a fresh sequence of green histogram bars that are advancing towards the top.

A reverse below the $0.7982 level, on the other hand, would wipe out the intraday gains, putting the market at danger of a probable retest of the $0.6576 level, which was reached by the closed price on January 28.

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