ENA (Ethena) regains momentum and may experience significant further growth
In the ever-evolving world of cryptocurrency, a notable development has caught the attention of investors and traders alike – a potential bullish reversal for Etherena (ENA). Charles Ledoux, a renowned Bitcoin specialist and blockchain technology expert, explains this intriguing possibility in his latest article.
The emergence of a fractal pattern on ENA's price action is the key indicator that suggests a major bullish reversal could be on the horizon. A bullish fractal pattern in crypto technical analysis typically indicates a repeating or self-similar price structure that suggests a potential strong upward trend following a period of consolidation or decline.
For Etherena, if a similar bullish fractal pattern emerges—such as a breakout from a falling wedge, a move above a significant moving average, and rising volumes—it would imply:
- Investors and traders are stepping in at key support after a downtrend.
- The underlying sentiment is shifting from bearish to bullish.
- A potential repeat of previous bullish price phases may follow, signaling a probable upward trend reversal.
- This fractal resemblance to past successful rallies in ENA or comparable altcoins would increase confidence in a sustained upward move.
This inference is grounded in how fractal technical patterns have historically functioned for altcoins in a recovering or bullish market environment. For precise details on ENA’s pattern, monitoring dedicated technical analysis sources or charting platforms would be necessary.
If Etherena continues to rise to $1.30, it would break a long-term uptrend line, further solidifying the bullish case. However, a short-term correction could still occur before the breakout, as is common in such scenarios.
In case of a short-term correction, the 200-day moving average at around $0.48 offers a good support level for a bounce. If history repeats itself, Etherena could test its old resistance near $1.33, representing around 90% upside from current prices.
The liquidation of many shorts could contribute to the rally of Etherena, as traders who had bet on a continued downtrend are forced to close their positions, leading to a surge in buying pressure.
It's important to note that while this analysis points towards a bullish outlook for Etherena, it's always crucial for investors to conduct their own research and consider their risk tolerance before making investment decisions.
For those interested in buying Etherena, a guide to doing so on Bitget is provided in the article. By creating an account on the official website or mobile app, completing the identity verification, depositing funds, accessing the market, and placing a buy order, you could potentially win 10 dollars and be part of Etherena's potential rally towards the $2.00 mark.
This article is part of a series that also includes articles about Cardano, Solana, and TRON, written by Charles Ledoux, who has written numerous masterclasses and over 2000 articles about crypto. The cryptocurrency market is currently in a healthy correction phase, with Etherena down 6% on the day, reducing its 30-day gains to 109%.
[1] Algorand Fractal Pattern Signals Potential Rally [2] Starknet Fractal Pattern Indicates Accumulation and Bullish Reversal
- The crypto academy might find the emerging bullish fractal pattern in Etherena (ENA) intriguing, as it suggests a potential strong upward trend after a period of decline, following a similar pattern seen in Algorand.
- A repeated fractal pattern, similar to the one currently emerging in ENA or other altcoins like Starknet, may indicate a significant increase in finance, as investors and traders step in at key support levels, leading to a possible upward trend reversal due to the technology-driven bullish sentiment.
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