Ethena price has surged 260% from $0.25, reaching $0.81. Analysts predict the next target at $1.18. With robust backing and market traction, ENA’s price is geared towards new upside, with the prospect of touching $2 and $5.
Ethena Price Key Support Level and Targets
Crypto Patel has reported that since he bought ENA at 0.25, it has increased 260% to $0.81. The price breakout above key resistance has fueled the uptrend, with initial targets successfully hit.
More so, the chart indicated an evident uptrend, with Ethena price levels of $1, $2, and $5 within a short time. This rally is being supported by the formation of higher lows and the breaking of the resistance.
The breakout reflected positive bullish pressure, and the next level of target is at $1.24, with greater levels predicted. The major support level at $0.39 is crucial to sustain the rise.
To take advantage of the opportunities and to keep the traders bullish, Patel suggested taking partial profits once the targets have been achieved. Provided ENA price stays above support, Ethena price may witness a further rise to new heights, with a potential long-term target of $5.
Technical Indicators Point to Continued Growth
Furthermore, technical analysis for the ENA price showed strong bullish indicators. The price demonstrated a steady uptrend after breaking the previous downtrend. Analyst Lucky noted a 40% price gain after the breakout of the trendline above. This suggests that the Ethena price is likely to continue its rally.
Lucky’s analysis pointed out that ENA price action was in an uptrend, with potential for further growth. Notably, a bullish breakout above the trendline has changed the market sentiment.
According to Lucky, if ENA price gains additional support from Ethereum’s market rotation, the price could rise toward $1.33. Nevertheless, it is also important to monitor resistance levels.
Institutional Interest and DeFi Performance
Meanwhile, Ethena is showing impressive growth in the DeFi sector. In the last 90 days, it has emerged very strongly among other tokens. Immortal, a market analyst, attributed this to increasing institutional interest in the ENA price.
More so, institutional capital has been flowing into Ethena, strengthening its position in the market. According to Immortal, this type of institutional support is likely to be maintained. ENA price can even experience greater moves as more investors realize its potential.
Analyst Predicts $1.18 and Beyond for ENA Price
Furthermore, Crypto Auris has a bullish outlook on the future of Ethena. He pointed at the successful breakout above $0.80, marking the beginning of a bullish trend. According to Auris, the next major resistance level for ENA is $1.18. If the ENA price can maintain momentum, it could reach this target in the short term.
Auris also indicated that traders reduce risk by selling partial profits upon achieving important milestones. He emphasized that a long-term bullish outlook for ENA is essential. The token could continue to outperform, mainly if Ethereum’s market momentum drives its growth.
The analyst anticipated a further bull run in case the ENA price breaches above $1.18. He believed that Ethena price could go as high as $2 or more.
