Ethena

Date: Thu, Nov 07, 2024, 06:04 AM GMTThe cryptocurrency market has entered a bullish phase, highlighted by Bitcoin (BTC) reaching a new all-time high of $76,000. This rally has been fueled by yesterday&#39;s U.S. election results, where Donald Trump, a vocal supporter of cryptocurrency, secured victory. Following Bitcoin&#39;s surge, major <a href="https://coinsprobe.com/kaspa-kas-regains-bullish-momentum-after-key-support-rebound-is-a-50-move-on-the-horizon/" rel="noopener noreferrer nofollow">altcoins </a>have also gained traction, including Ethena (ENA), which has shown impressive price growth.<h3 id="ethena-ena-gains-bullish-momentum">Ethena (ENA) Gains Bullish Momentum</h3>Ethena (ENA), a synthetic dollar protocol built on Ethereum, has attracted significant attention as it recently climbed to the $0.50 mark. The token recorded a substantial 25% surge in just the last 24 hours, pushing its 30-day gains to an impressive 77%. As investor confidence returns to the market, ENA has become a standout performer among altcoins.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5bd905f306ca4767b30269a70a1e1aad.png" />Source: Coinmarketcap<h3 id="could-the-next-breakout-push-it-100-higher">Could the Next Breakout Push It 100% Higher?</h3>Ethena’s (ENA) price is currently hovering around $0.5006, facing an immediate resistance zone at $0.5214. A successful breakout above this level could set ENA on a path toward higher price targets.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/6e2b97bd60b74046982eb70f716a712a.png" />Here’s a breakdown of key technical levels to watch:<ul><li>Current Price: $0.5006</li><li>Resistance Zone: $0.5214 – If ENA breaks through this level, it could confirm a bullish continuation.</li><li>Next Target 1: $0.7363 – This is the first major target, approximately 47% above the current price.</li><li>Next Target 2: $1.07 – This level represents a potential 108% upside from the current price, aligning with the next major resistance level.</li></ul>Looking at the daily chart, ENA recently broke out from a descending trendline, which had previously acted as a significant resistance. This breakout is an early indicator of a potential trend reversal. Additionally, the Relative Strength Index (RSI) shows a strong upward movement, suggesting that buying momentum is building.If ENA can hold above the $0.50 level and break through $0.5214, it may be set for a substantial rally, with a 100% upside possible if the bullish trend continues. The next few days will be critical in determining whether ENA can sustain this momentum.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/top-solana-dex-raydium-ray-surging-higher-following-on-chain-growth-and-breakout-is-the-rally-started/" rel="noopener noreferrer nofollow">Top Solana DEX Raydium (RAY) Surging Higher Following On-Chain Growth and Breakout: Is the Rally Started?</a>

Ethena (ENA) Gains Bullish Momentum: Could the Next Breakout Push It 100% Higher?

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