bullish

Ethena

The ENA token price has increased by 15.68% in the past 24 hours, reclaiming the market cap of $1B. Inching closer to the psychological mark of $0.50, the altcoin is teasing a potential triangle breakout rally.&nbsp;  
Will this breakout rally help reclaim Ethena the $1 psychological mark before the end of 2024? Let's find out now in our ENA price analysis.  
<h2 class="wp-block-heading" id="h-ethena-price-analysis">Ethena Price Analysis</h2>  
The daily chart reveals a long-coming resistance trendline in the ENA price action. Under the influence of this resistance trendline, the Ethena token price marked a low point at $0.1942, a drop of 87.24% from its all-time high of $1.522.&nbsp;  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/29142741/image-104-287-1024x511.png" alt="ENA price chart" class="wp-image-373715">
</figure>  
<a href="https://www.tradingview.com/x/qrUKZJSj/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
However, despite the increased volatility over the past few months, the ENA price has increased by 98.82% with the broader market recovery. It currently trades at $0.3861 and the 23.60% Fibonacci level at $0.32386. The Ethena token price is challenging the overhead resistance trendline.&nbsp;  
On a side note, the recovery rally forming a support trendline completes a triangle pattern in the daily chart. Hence, the overhead trendline breakout will signify a triangle breakout rally.&nbsp;  
Technical indicators:  
EMA: With lower price rejection candles, the ENA price is sustaining dominance above the 50-day EMA.  
RSI: The daily RSI line bounces back from the halfway level, challenging the 14-day average. Hence, the momentum indicator shows a surge in the bullish trend, increasing the possibility of a breakout.&nbsp;  
<h2 class="wp-block-heading" id="h-will-the-ena-price-reclaim-0-50">Will The ENA Price Reclaim $0.50?</h2>  
The triangle breakout rally will increase the possibility of ENA price reaching its all-time high level or the resistance trendline’s peak at the psychological mark of $1.50.&nbsp;  
In the short term, the near-term Fibonacci levels at $0.5450 and $0.6878 are near-term resistances. Over the past four days, the Ethena token price action has made consecutive bullish candles while taking support from the dynamic average line.&nbsp;  
Price action traders can wait for the market price to close above the overhead resistance trendline or the $0.40 mark before making a bullish entry. On the other hand, crucial support for ENA is present at $0.32386 and $0.25.  
Will Ethena’s breakout rally reach $1 this year? Find out more in our <a href="https://coinpedia.org/price-prediction/ethena-price-prediction-2024-2030-will-ena-price-cross-10/" target="_blank" rel="noopener noreferrer nofollow">ENA Price Prediction</a>.

ENA Price Nears $0.50 with 15% Surge – Can It Reclaim $1 in 2024?

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