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The Ethena price managed a slight gain in the last 24 hours to trade at $1.44 at press time.
The Ethena Price Breaks Another Resistance
4-hour chart for ENA/USDT (Source: TradingView)
In the latest analysis of the Ethena price on the 4-hour chart, several key technical indicators point towards a bullish sentiment, although volatility remains a significant factor influencing potential movements.
Closing prices over the past few intervals have shown slight fluctuations, ranging from $1.405 to $1.466. However, when considering the Exponential Moving Averages (EMA), both the 9 and 20 EMAs have been steadily ascending, indicating a positive trend. The 9 EMA stands at $1.414, surpassing the 20 EMA, which rests at $1.344, further signaling a bullish momentum.
The Moving Average Convergence Divergence (MACD) indicator supports the bullish sentiment with consistent positive values, although the histogram has shown some minor fluctuations. The Relative Strength Index (RSI) is comfortably above the 50 mark, suggesting strength in buying pressure. RSI values have ranged from 62.29 to 68.22, reflecting robust upward momentum.
Considering the aforementioned indicators, ENA is exhibiting a bullish bias. However, traders should remain cautious, particularly around significant support and resistance levels.
Key Levels to Watch
Key support levels to monitor include $1.378, $1.241, and $1.114. These levels may act as crucial points for potential rebounds or reversals in the event of a downturn.
For long trades, potential entry points could be identified near the current price level, with exits considered at resistance levels or profit targets based on individual risk appetite. Conversely, for short trades, traders may seek entry opportunities at resistance levels, with exits planned around support zones or predetermined stop-loss levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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