Sohrab Khawas
In the early days of its launch, Ethena Labs’s ENA token gained massive attention. This is visible in the market price of Ethena tokens, which easily surpasses the $1 psychological barrier that keeps many altcoins within them.
The launch comes at the perfect time amidst the growing demand for altcoins and the increasing possibility of an altcoins season with Bitcoin Halving. Hence, the chances of a bull run in the ENA price support the long-term HODLers’ anticipation.
With a $1.43 Billion market cap, the ENA price has increased by 246% in just 48 hours. The market price of the Ethena token has surpassed the $1 barrier and created a peak at $1.31, while the all-time low remains the launch price of $0.29.
The massive run in the altcoin forms a bullish channel in the 1-hour timeframe. However, with a correction/pullback in the last few hours, the Ethena token price has dropped to the baseline.
With a lower price rejection and a morning star, the ENA price takes from the support trendline. Currently, the Ethena token, with a growing buzz around it, trades at $1.04, with an intraday growth of 20%.
Technical indicators:
DMI Indicator: Despite a close encounter, the VI lines regain positive alignment. The ADX line continues to fall, reflecting exhaustion during the early bull run. Hence, the indicator shows an uptrend in motion but a decrease in trend momentum.
Will The Ethena Token Price Reach $2?
With the massive bull run and the investors’ growing confidence, the market is an incubator for such new tokens. The ongoing reversal teases a bull run, potentially surpassing the $1.31 peak and testing the psychological barrier of $1.50.
However, with the Fibonacci levels, the breakout rally could hit the 1.618% level at $1.76. Hence, optimistically, the Ethena token shows the potential to reach the $2 mark.
