Ethena (ENA) Eyes $1.30 After Breaking Key Resistance

Technically, indications are equally divided between strength and caution. The Relative Strength Index (RSI) at 81.99, well into overbought positions, may be an indicator of a short-term cooling off. The MACD remains bullish, with the MACD line (0.08711) above the signal line (0.06154), and this supports further momentum to the higher side.

Price action holding by the higher Bollinger Band also supports the current breakout but is also typically found preceding volatility or very short corrections, especially at resistances.

Ethena (ENA) has surpassed significant resistance levels. It is a significant recovery from previous support levels of $0.21 and $0.44, with the current price reaching a significant resistance at $0.67975. a8b14f21e0c8017d2c3a60a3245b548e.AD_4nXcaJiQoT1nWrhfGJgQIIuy7qtiE3pj-36v6vm3HElO4Qko2bbeT_7G-C0jbfM3hW-PDFChxra8X3hoA10eVq7R3CGPUrvs0FZbfVeBPDZmCZiS1wHeScwRaU3FdcNbp2AfLTXciRg.png

A rally above this could create a possibility to move to $0.85 and $1.3, but a reversal could see a correction to $0.55 or a retest of support at $0.44. The current price action is a sign of rising investor demand and excellent bullish momentum, which makes ENA one of the best altcoins to watch this week.