Here’s Why ENA Price Could Surge 30% This June!
The post Here’s Why ENA Price Could Surge 30% This June! appeared first on Coinpedia Fintech News
With a gradual improvement in the broader market sentiments, the underlying demand for altcoins is rising this summer. Amidst such market conditions, the ENA price trend shows a bullish pattern forming in the 4H chart, teasing a trend reversal.
With the Ethena TVL approaching the $3 Billion mark, the underlying bullish is slowly on the rise. Will the rising TVL eventually lead to a bull run in the ENA price to surpass the psychological barrier of $1? Find out more in our ENA Price Prediction.
Will Inverted Head And Shoulder Reverse The Trend?
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Following the pullback phase in April and early May, the ENA price jumped from the bottom at $0.65. Over the past couple of weeks, the recovery rally has exceeded the $0.80 level and tested the $0.96 mark.
Despite the recovery rally accounting for 29% last week, this week, the altcoin is down by 6% to retest the $0.80 breakout. Further, the price trend showcases an underlying increase in bullishness with an inverted head and shoulder pattern.
The trend reversal pattern signals a potential uptrend in the ENA price for the bullish month of June. With a neckline at $0.96, the buyers must overcome the $1 psychological mark for a price jump next month.
Technical indicators:
RSI Indicator: The RSI line peaks above the halfway line with a reversal from the oversold boundary.
EMA: The 50 and 200 EMA in the 4H chart signal a golden crossover, bolstering the bullish trend ahead.
Will The ENA Price Cross $1?
Despite the 6% pullback this week, the 29% jump in the week before keeps Ethena buyers’ morale high. Further, the broader market recovery anticipation is fueling investors’ confidence in low-cap DeFi tokens.
Hence, the bullish breakout chances in the ENA price are high, and the uptrend could surpass $1. In such a case, the uptrend could reach the 78.60% Fibonacci level at $1.28.