In recent weeks, Ethena's price has been in a state of stagnation, lacking a clear trend. However, analysts suggest a potential surge ahead.
Potential for Recovery
Current market uncertainty has driven Ethena into a consolidation mode, but fresh technical analysis from MACrypto points towards a potential trend change. The price is currently testing a significant supply area between $0.47 and $0.48. Recent market upsets, such as the ByBit exchange incident, have caused additional volatility, though security measures were swiftly enacted.
Current ENA Price Updates
Ethena is now showing signs of potential recovery despite recent downturns. At a price of $0.4421 after a 4.9% decrease over the last day, indicators signal a movement shift. Key will be maintaining prices within the $0.41 to $0.47 range. Breaking these levels could lead to ascension to the critical $0.53 to $0.59 range.
Optimistic Indicators on the Horizon
Testing crucial support levels and an increase in new addresses affirm the potential for an upward move. Utilization of the TD Sequential index indicates a possible market shift. By sustaining levels between $0.42 and $0.46 and breaking resistance in the $0.52 to $0.58 range, there is a chance for an upward trend to develop.
Despite recent market turmoil, analysts see potential growth for Ethena. Holding and breaking critical levels could be key to the start of a new upward cycle.
