Ethena (ENA) established a critical support level at $0.108, drawing attention from traders and investors alike. According to the crypto analyst Ali Charts, holding above this price is seen as essential for maintaining bullish momentum, as it signals market confidence and stability.
Ali Charts suggests that sustaining this level could be the key to navigating short-term volatility and preparing for potential upward movement.
Source: Ali Charts X Post
If ENA successfully maintains strength above $0.108, the next target emerges at $0.129, offering an attractive opportunity for bulls.
Market observers emphasize watching trading volumes and sentiment closely, as these factors could determine whether the token breaks higher.
This hold and target scenario reflects classic technical analysis, highlighting how support levels can pave the way for future gains.
Also Read: Ethena (ENA) Holds Key Support, Targets $0.129 Recovery
Ethena (ENA) Technical Outlook Indicates a Cautious Outlook
According to TradingView, the price is in a downtrend over the last two weeks. The price is at $0.11061, which is below all the major EMA levels: 20 ($0.11389), 50 ($0.11750), 100 ($0.12466), and 200 ($0.14399), indicating a bearish momentum.
The price is close to the lower Bollinger Band ($0.10611), indicating a high level of volatility. Resistance appears near the middle band ($0.11456) and the 50 EMA.
Source: TradingView
Price action indicates repeated failed rallies in the range of $0.114 to $0.117, with price falling towards the lower Bollinger Bands. There are lower highs and lower lows, indicating that the trend is still bearish.
A fall below $0.10611 could indicate further selling, while a rise above $0.11750 could indicate a possible change in trend. The 100 EMA at $0.12466 and the 200 EMA at $0.14399 are significant resistance points.
Momentum Indicators Point to Decreasing Bearish Strength
Looking at the momentum indicators, the RSI is trading close to the 38.64 level, below the 50 level but above the 30 level.
This indicates a decent momentum for the token. Further, the RSI has been rising over the past few days, indicating the beginning of buying interest in the token.
The moving average for the token, as depicted by the yellow line at 34.18, may also be a bullish indicator for the token if the RSI continues to rise.
Source: TradingView
The MACD shows the MACD line resting just below the signal line, while the histogram bars are moving away from extreme negativity. This indicates that the falling momentum is slowing down, which may be a sign of a bullish crossover in the near future.
The decreasing red histogram bars indicate a weakening sell trend; a MACD line crossing above the signal line will add to the buy trend in sync with the RSI.
Also Read: Ethena (ENA) Could Reclaim $0.15 or Face Deeper Drop Toward $0.06