Ethena Stages Spectacular Comeback with Massive 105% Volume Surge

• Ethena price showed a major comeback by breaking above the key EMA levels.
• ENA price surged by almost 21% in last 24-hours showing bulls dominance.

Ethena (ENA) has shown a spectacular reversal in the last trading sessions, performing what looks like a major technical breakout after several months of consolidation. As per CMC data, the altcoin has risen by about 21% over the past 24 hours, with a massive 105% rise in daily trading volume, which shows that both institutions and retail investors are buying it.

Technically, the price action of ENA presents an interesting bullish story. The token has managed to break above its 50-day EMA at $0.36759 and 200-day EMA resistance at $0.41780. This two-moving average breakthrough is a very important change in the market mood, shifting it to the potentially bullish zone. The recent price movement indicates that ENA is building the 200-day EMA as a new support, and this is a good sign of further upside movements.

The Ethena RSI of 72.24 shows a strong bullish momentum with an overbought level being reached. This high RSI value indicates further buying power and, at the same time, indicates possible short-term consolidation or minor retracement. The MACD indicator has become positive, and the signal line has crossed above zero, which proves the shift in the bullish momentum and indicates that the reversal of the trend is technically valid.

What Next For Ethena (ENA) Price?

Source: TradingviewThe social sentiment analysis indicates the positive perception of the market, which usually precedes or goes hand in hand with major price changes in the crypto market. When this positive feeling is added to the technical indicators, it provides a good atmosphere in which the price can keep increasing.

The technical arrangement determines important levels in the future. The nearest support is at the 200-day EMA at $0.41780, which ENA should not lose to remain on its bullish path. An effective defence at this level would form a basis to further gains to the main resistance level at $0.72000, which would mark potential gains of about 20% at the current levels.

Nevertheless, traders have to be wary of the high RSI readings, which indicate that the market may take some profits or consolidate before the next rally. The breakout seems to be real due to the volume confirmation, yet risk management is essential because crypto markets may be characterized by a quick reversal. In sum, the technical image of Ethena has changed significantly and currently, it is in a position to record further gains provided that the major support areas are maintained.

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