🚀 Ethena (ENA) Price Analysis: Is $0.50 on the Horizon? 🚀

With a market cap of $1.15 billion, #Ethena (ENA) has been making headlines, surging nearly 50% in the past 7 days and doubling in value over the last month! đŸ€‘ But the real question is: Can ENA break the $0.50 mark this month? Let's dive into the analysis!

Current Price Action:

$ENA is trading at $0.4195, showing a minor pullback today, dropping 7.36% in 24 hours. It touched a 24-hour high of $0.4627 but faced rejection, pulling back by 1.93%.

Key Levels to Watch:

Based on Fibonacci retracement, ENA’s price has surged past the 23.60% level but is currently battling resistance at the 38.20% mark. Watch for a potential retest around $0.3784 or $0.33 if this level isn’t breached.

Technical Indicators Flashing:

EMA: The 50-day EMA is on an upward trend, signaling continued bullish momentum! 📈

RSI: However, the RSI line is showing some hesitation, teasing a pullback with minor bearish divergence at recent peaks.

$0.50 Price Target?

📊 With the broader market recovery and positive technicals, $0.50 looks very much within reach. Not to mention the recent SOL backing proposal for USDe, which has already sparked a buying frenzy! If approved, we could see ENA prices skyrocket and challenge the 61.80% Fibonacci level at $0.6952.

💡 Key Takeaway:

Short-term volatility may be ahead, but the long-term rally is still looking strong! ENA has what it takes to break out beyond $0.50. Stay tuned! đŸ”„

#EthenaToTheMoon 🌕 #AltcoinSeason #CryptoNews #BTCSoarsTo68K #Write2Earn!