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ENA: Is $1.53 the next stop amidst THIS bullish trend?

Press Releases Crypto News AMB-Crypto ENA: Is $1.53 the next stop amidst THIS bullish trend?

ENA’s cup-and-handle breakout suggests a bullish target of $1.53, reclaiming $1.10 as support.
Positive MACD and ADX metrics offset declining network growth, supporting short-term rally sustainability.

Ethena [ENA] has gained significant traction with a remarkable 18.05% daily surge, attracting attention from traders and investors alike. Trading at $1.13 at press time, ENA successfully reclaimed the $1.10 level, a critical resistance that previously capped its price.

This move has sparked discussions about whether ENA can sustain its current momentum and target the $1.53 level, driven by strong technical and market dynamics.

Technical analysis: Cup and handle set the stage

ENA has broken out of a textbook cup-and-handle pattern, a bullish technical formation indicating the potential for further gains. This breakout above the $1.10 neckline has fueled optimism, suggesting a projected price move toward the $1.53 resistance level.

The pattern reflects months of accumulation, followed by a decisive breakout, which traders often interpret as a signal of continued upward momentum.

Source: TradingView

ENA technical indicators: Momentum builds

Technical indicators further validate ENA’s strong performance. The MACD indicator shows a bullish crossover, with the MACD line at 0.1290 rising above the signal line at 0.1170. The histogram bars continue to expand, signaling strengthening momentum.

Additionally, the Average Directional Index (ADX) stands at 47.86, indicating a robust and definitive trend. These metrics suggest that ENA’s current rally could have the strength to continue toward higher price levels.

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Author: Erastus Chami

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