Within the early days of its launch, Ethena Labs’s ENA token gained large consideration. That is seen out there worth of Ethena tokens, which simply surpasses the $1 psychological barrier that retains many altcoins inside them.
The launch comes on the good time amidst the rising demand for altcoins and the growing chance of an altcoins season with Bitcoin Halving. Therefore, the possibilities of a bull run within the ENA worth help the long-term HODLers’ anticipation.
With a $1.43 Billion market cap, the ENA worth has elevated by 246% in simply 48 hours. The market worth of the Ethena token has surpassed the $1 barrier and created a peak at $1.31, whereas the all-time low stays the launch worth of $0.29.
The huge run within the altcoin kinds a bullish channel within the 1-hour timeframe. Nonetheless, with a correction/pullback in the previous couple of hours, the Ethena token worth has dropped to the baseline.
With a cheaper price rejection and a morning star, the ENA worth takes from the help trendline. Presently, the Ethena token, with a rising buzz round it, trades at $1.04, with an intraday progress of 20%.
Technical indicators:
DMI Indicator: Regardless of an in depth encounter, the VI strains regain constructive alignment. The ADX line continues to fall, reflecting exhaustion throughout the early bull run. Therefore, the indicator exhibits an uptrend in movement however a lower in development momentum.
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Will The Ethena Token Value Attain $2?
With the huge bull run and the buyers’ rising confidence, the market is an incubator for such new tokens. The continued reversal teases a bull run, probably surpassing the $1.31 peak and testing the psychological barrier of $1.50.
Nonetheless, with the Fibonacci ranges, the breakout rally may hit the 1.618% stage at $1.76. Therefore, optimistically, the Ethena token exhibits the potential to achieve the $2 mark.