ENA Price Prediction: Will The Ethena Token Manage a Bullish Reversal next Week?

The ENA price tests the bottom support of $0.65. A death cross is visible in the 4H chart. A bullish reversal at $0.65 eyes to reclaim $1.

The Ethena (ENA) token price is displaying a critical market scenario as it tests a bottom support level. A death cross formation is observed in the 4H chart, indicating a strong bearish influence.

Despite attempts at a bullish reversal, the ENA price failed to reclaim the $1 mark. Now, as the token approaches a crucial support level, traders are eyeing a potential bullsih comeback.

Here's a technical analysis of the ENA price to assess its upcoming trend and gauge any bullish reversal possibilities.

Key Points

The ENA price faces a crucial make-or-break scenario at the bottom support.

A death cross formation in the 4H chart suggests a strong bearish influence.

If the bullish reversal gains momentum, the uptrend could reach the $0.84 mark.

Ethena (ENA) Token Price Analysis: Chart A Death Cross

The Ethena (ENA) token price analysis showcases a bearish trend with a critical market scenario unfolding. After failing to sustain the $1 psychological mark, the altcoin now trades at the $0.70 price level.

However, as the token approaches a crucial support level, traders are anticipating a bullsih comeback.

After observing a massive crypto market rally earlier in 2024, the broader market failed to maintain the momentum surge on Wednesday. Consequently, altcoins are now struggling at critical support levels.

The Ethena token also followed a similar trend with a failed bullish reversal and a deep pullback phase. However, the downfall in the ENA price is approaching a crucial support level, which has sparked anticipation among sideline traders for a bullish return.

ENA Price Chart by Tradingview

The technicality of the ENA price showcases a critical market scenario. After failing to sustain the $1 psychological mark, the altcoin now trades at the $0.70 price level.

However, as the token approaches a crucial support level, traders are anticipating a bullsih comeback.

After observing a massive crypto market rally earlier in 2024, the broader market failed to maintain the momentum surge on Wednesday. Consequently, altcoins are now struggling at critical support levels.

The Ethena token also followed a similar trend with a failed bullish reversal and a deep pullback phase.

However, the downfall in the ENA price is approaching a crucial support level, which has sparked anticipation among sideline traders for a bullish return.

The ENA price failed to continue the bullish trend after a breakout from the $0.96 neckline of the inverted head and shoulder pattern. This move resulted in a quick downfall from the $1 mark.

The bearish turnaround dropped the altcoin to the $0.65 crucial support and is currently trading at the $0.70 mark. Furthermore, Ethena witnessed an intraday rise of 1.48%, presenting a dip as a buying opportunity for sidelined traders.

Technical Indicators

The technical indicators of the ENA price analysis present a bullish continuation scenario. After observing a bearish crossover earlier, the MACD and signal lines are now displaying a bullish trend in the 4H chart, highlighting a potential reversal opportunity.

Moreover, the 50 and 200 EMA in the 4H chart maintain a declining trend with a death cross, reflecting a massive bearish influence over Ethena.

If the bullish reversal gains momentum, a likely scenario, the uptrend could reach the $0.84 mark. Conversely, a downfall under $0.65 will increase the supply pressure, resulting in a drop to $0.50.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ena-price-prediction-ethena-token-manage-bullish-reversal-week.html

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