The cryptocurrency Ethena (ENA) has shown significant growth by establishing itself above the support level at $0.47. This level, which was previously a resistance, is now acting as support. Increased trade volumes indicate active demand.
Key Technical Points
Some key points of technical analysis include:
- Support at $0.47, which now acts as support following the flip from resistance. - Increasing volumes suggest active demand at current price levels. - A target at $0.96 serves as the next major resistance point.
Financial Structure of ENA
Technical analysis indicates that the price is forming a higher low after holding above the $0.47 level. This zone is not only structurally important as a former resistance but also shows an increase in volume supporting the bullish thesis.
Future Prospects
As long as ENA maintains support at $0.47, the bullish bias remains valid. With increasing volumes and strong structural confluence, price may approach the resistance target at $0.96 in the short to medium term.
The current market structure of Ethena supports the potential for further upward movement if key support levels are maintained. Support at $0.47 and the next target at $0.96 highlight the significance of the current market situation.
