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The Ethena price jumped over 4% in the last 24 hours to trade at $0.8284 at press time.
Ethena Price Overview
4-hour chart for ENA/USDT (Source: TradingView)
In the latest Ethena price action on the 4-hour chart, the crypto has seen a notable shift with the most recent closing prices displaying an upward trend from $0.777 to $0.814, before slightly dipping to $0.809. This movement indicates a recovery from a minor pullback, suggesting an increasing buying interest around the $0.808 mark.
Analyzing the moving averages, the 9 EMA (Exponential Moving Average) has shown convergence towards the recent price action, indicating that short-term momentum could be turning positive. Current 9 EMA values have risen from $0.796 to $0.801, suggesting a possible bullish undercurrent as prices continue to close above it. However, the 20 EMA suggests a slight resistance at around $0.813, where it has remained relatively flat.
The MACD (Moving Average Convergence Divergence) indicators provide a deeper insight with the MACD line recently crossing above the signal line, indicating a bullish crossover. This is corroborated by the histogram moving from negative to positive territory. Such movements are typically interpreted as bullish signals, suggesting potential for further price appreciation.
Regarding key levels, the current resistance and support levels stand crucial for determining potential future movements. The immediate resistance level at $0.817 may soon be tested if the bullish momentum continues. A break above this level could open the path towards higher resistance at $0.883 and subsequently $0.901. Conversely, should selling pressure return, support levels at $0.787 and $0.756 will be critical to watch for holding the downside.
Possible Trade Ideas
For traders considering entry and exit points, considering long positions might be viable if the price sustains above $0.808 with a potential target near $0.817 or higher if upward momentum persists. Conversely, a break below $0.787 could serve as an entry point for short trades, with a consideration to exit around the lower support at $0.756.
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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