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$ENA, the native token of Ethena— an Ethereum-based synthetic dollar protocol — has experienced an impressive 45% surge over the past week. Currently trading at $0.38, $ENA has reached its highest price level since July.
With increasing bullish momentum, the altcoin is positioned for a potential 150% increase. However, the pressing question remains: when will this occur?
Ethena’s Uptrend is Strong
At its current price, Ethena is above its 20-day exponential moving average (EMA) and its 50-day simple moving average (SMA). The token’s 20-day EMA measures its average closing price over the past 20 days, while its 50-day SMA tracks its average price over the past 50 trading days. Trading above these key moving averages suggests that $ENA is in a bullish trend.
Read more: What Is Ethena Protocol and its $USDe Synthetic Dollar?
When an asset’s price is above the 20-day EMA, it indicates short-term strength and suggests significant recent buying activity. Being above the 50-day SMA confirms a longer-term bullish trend. This indicates that the asset has maintained upward momentum over a more extended period, which can attract more investors and traders.
Moreover, $ENA’s current Average Directional Index (ADX) is 30.09, confirming the strength of the market uptrend. This indicator measures the strength of a trend.
It ranges between 0 and 100, with values above 25 indicating a strong trend, while values under 20 suggest a weak trend. With an ADX reading of 30.09 and rising, $ENA’s price rally is strong and could be sustained as long as demand remains.
$ENA Price Prediction: Profit-Taking Could Lead to All-Time Low
$ENA is currently trading at $0.38, which is shy of the resistance level of $0.48. A successful breach of this level could propel the altcoin toward $1.01, representing a potential surge of 152% from its current price.
Read more: How To Use Ethena Finance To Stake $USDe
However, if profit-taking begins, $ENA’s price may struggle to hold above its 20-day EMA and 50-day SMA, potentially flipping these levels into resistance levels. Should the bulls fail to defend these key levels, $ENA could tumble toward its all-time low of $0.19, last seen on September 6.