Ethena (ENA) Price Technical Analysis On Daily Chart!

The Ethena (ENA) price had an all-time high at $1.51 by April 11th, 2024, and then started plummeting by resonating with BTC, as ENA has a BTC correlation score of 0.83. The price structure developed a falling channel, and for the last three months, the price has traded inside of this pattern.

Recently, in correlation to BTC, the price showed a bullish presence from July 5th onwards, and nearly 36% of the gains were from the support of $0.3523 and the lower border of the wedge. The price seems to be approaching the 50-day EMA band on the daily chart.

Meanwhile, the other technical tools like MACD show a histogram surge at 0.0195, with a bullish cross below zero line, and RSI flashes at 48.05, which seems like a recovery on the way from oversold to overbought.

At press time, it has traded at $0.4817, where its price seems headed towards the upper border of the wedge, where it could meet a hurdle at $0.6562. Once past this hurdle, further interruptions could lie around $0.8068 and $1.0098, respectively.

However, slipping its recent gains could retract back towards the support of $0.3253 and lower the border of the wedge.