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ENA, the native token of Ethena — an Ethereum-based synthetic dollar protocol — has experienced an impressive forty five% surge over the past week. At the moment trading at $0.38, ENA has reached its very most life like stamp level since July.
With increasing bullish momentum, the altcoin is positioned for a potential 150% increase. Nonetheless, the pressing quiz remains: when will this occur?
Ethena’s Uptrend is Stable
At its contemporary stamp, Ethena is above its 20-day exponential transferring average (EMA) and its 50-day easy transferring average (SMA). The token’s 20-day EMA measures its average closing stamp over the past 20 days, while its 50-day SMA tracks its average stamp over the past 50 trading days. Trading above these key transferring averages suggests that ENA is in a bullish trend.
Read more: What Is Ethena Protocol and its USDe Artificial Dollar?
When an asset’s stamp is above the 20-day EMA, it indicates short-time duration energy and suggests significant contemporary purchasing activity. Being above the 50-day SMA confirms a longer-time duration bullish trend. This indicates that the asset has maintained upward momentum over a more extended duration, which can attract more investors and traders.
Moreover, ENA’s contemporary Average Directional Index (ADX) is 30.09, confirming the energy of the market uptrend. This indicator measures the energy of a trend.
It ranges between 0 and 100, with values above 25 indicating a solid trend, while values beneath 20 imply a weak trend. With an ADX reading of 30.09 and rising, ENA’s stamp rally is solid and may be sustained as long as demand remains.
ENA Tag Prediction: Profit-Taking May well Lead to All-Time Low
ENA is currently trading at $0.38, which is panicked of the resistance level of $0.forty eight. A a success breach of this level may propel the altcoin toward $1.01, representing a potential surge of 152% from its contemporary stamp.
Read more: How To Train Ethena Finance To Stake USDe
Nonetheless, if profit-taking begins, ENA’s stamp may war to maintain above its 20-day EMA and 50-day SMA, potentially flipping these ranges into resistance ranges. Must the bulls fail to defend these key ranges, ENA may tumble toward its all-time low of $0.19, last seen on September 6.
Disclaimer
In accordance with the Belief Mission strategies, this stamp analysis article is for informational capabilities most effective and may level-headed no longer be idea-about financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market prerequisites are area to change without gaze. Always habits your gain research and seek the advice of with a professional before making any financial decisions. Please declare that our Phrases and Stipulations, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market stories on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme cash. Previously, he carried out market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms appreciate Messari, Santiment…
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market stories on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme cash. Previously, he carried out market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms appreciate Messari, Santiment…
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