Ethena (ENA) is displaying early signs of a potential recovery as technical indicators suggest the downtrend may be weakening. The asset's price is hovering around $0.4615, reflecting a 1.29% decline in the last 24 hours and an 8.26% drop over the past week. Traders are closely monitoring key support levels and bullish signals that could determine the next move.
TD Sequential Indicator Flashes Buy Signal
Crypto analyst Ali_charts shared insights that the TD Sequential indicator has triggered a buy signal on the 12-hour chart for Ethena. The appearance of a red "9" suggests that the recent downtrend could be reaching exhaustion. Additionally, a black upward arrow above the latest candle indicates a possible shift in momentum.
Support Levels and Bullish Reversal Indications
Ethena has found support at $0.45-$0.50, an area previously tested several times. Resistance still lies at $1.20, the level previously seen by the highs before the fall. A technical signal, an Inverted Hammer, has also occurred at the support level, signaling a potential reversal.
MACD Suggests Potential Momentum Shift
The MACD indicator shows momentum change. The MACD line is sloping upwards, converging toward a crossover with the signal line. The histogram bars also reverse less bearish, showing bearish momentum losing power.
If buyers sustain momentum, supporting the price over $0.50, there may be an attempt toward $0.60 to $0.80. A break below $0.45 support, on the other hand, may lead back toward the lows near $0.30 to $0.35. Traders expect confirmation of these indicators before charting the next course for Ethena.
