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Ethena (ENA) price witnessed a continuous fall in a broader time frame and reached an all-time low (ATL) in September.
However, it has defended the $0.200 zone and witnessed parabolic recovery on a daily time frame. ENA price has formed a bullish candlestick pattern at the bottom and exceeded the last 2 swing highs.
ENA Price Has Formed an Inverted Head & Shoulder Pattern
When writing, the Ethena price was $0.393 with an intraday loss of 2.03%. The market capitalization was $1.08 Billion, and the 24-hour trading volume was $94.74 Million.
Since September, the ENA price has received buyers’ push and surpassed the 20-day exponential moving average (EMA). It has surged by more than 80%, indicating buyers are back in the game.
Ethena crypto price has exceeded the neckline and the last two swing highs. If the digital asset price sustains over the neckline, it could go for the second leg.
Once the price exceeds the $0.500 hurdle, it may open the door to the $1 mark. If the trading volume supports this momentum, it could reclaim the $1 mark in a few months.
Based on the chart, the current sentiment is bearish, and a small bearish signal may have a greater impact. Alternatively, if the price loses momentum near the $0.500 hurdle, it could generate a bearish signal. If the price slips below the 20-day EMA loses the $0.260, sellers may eye for a new ATL.
Turning to the technical indicators, the RSI has displayed a bullish divergence on a wider time frame. However, a bullish crossover with the RSI-based moving average has also been seen.
This could be a bullish sign. The MACD has triggered a golden crossover with the Signal line, and the histograms have turned green.
Is Ethenna Price Preparing To Shoot Up?
G O N Z O (@GonzoXBT) is a crypto analyst who claimed that the ENA crypto has formed a bullish base and may shoot up soon. He mentioned that the ENA price has formed a clean, bullish scenario, which may flip the trend to bullish.
$ENA is really forming one of the cleanest bullish trends right now.
— G O N Z O (@GonzoXBT) October 18, 2024
Until daily short term EMAs are lost you should bid them. pic.twitter.com/NHHbUwGwBb
The price is expected to remain bullish until it loses the 20-day EMA. Buyers might be confident if the price sustains the EMAs.
ENA Price Prediction and Forecast
Based on the analysis, it seems that the ENA price has shown a bullish pattern at the bottom. It has the potential to reclaim the $1 mark. The price has displayed significant gains over the past 10 days and has exhibited bullish divergence on the RSI.
The Ethena price has defended the $0.200 zone and shown a parabolic recovery on a daily time frame. It also forms an inverted head-and-shoulder pattern, indicating a potential bullish trend.
If the price loses momentum near the $0.500 hurdle, it may generate a bearish signal. Suppose the price slips below the 20-day EMA and loses the $0.260 mark. If that happens, the sellers may look to establish a new ATL.
Technical indicators such as the RSI and MACD showed mixed signals. Bullish divergences and crossovers indicated both bullish and bearish potential.