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Ethena (ENA) on the Move: Is a Rally in the Works?

Published 06/15/2024, 01:15 AM
Updated 06/15/2024, 03:45 AM
Ethena (ENA) on the Move: Is a Rally in the Works?
ETH/USD
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  • ENA indicates potential for a short-term rebound despite the prevailing downward trend.

  • Key resistance at $0.800; a breakout might lead to a price rally towards $0.900.

  • Strong support levels at $0.700 and $0.600 suggest strong buying interest.

Ethena (ENA), a cryptocurrency currently experiencing volatility, is showing signs of a potential rebound despite a recent downward trend, according to technical analysis.

As of writing, ENA is trading at $0.730, reflecting a 1.53% increase over the past 24 hours.

The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.

The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightl…

The post Ethena (ENA) on the Move: Is a Rally in the Works? appeared first on Coin Edition.

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