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July 18, 2024
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Bullish Trend Revamps Within Ethena Price Rally: Can ENA Price Reach $1.5?

The post Bullish Trend Revamps Within Ethena Price Rally: Can ENA Price Reach $1.5? appeared first on Coinpedia Fintech News

The crypto market capitalisation has secured levels above $2.5 trillion as Bitcoin’s price moved above $68,000. This could result from the rising confidence among the bulls, as they have induced a notable buying volume as the volume drops slightly. Still, the markets remain within a consolidated range. Besides, the newly launched token, Ethena (ENA), has revived a fine upswing and is also leading the top performers for the day. 

Ethena, the synthetic dollar protocol built on Ethereum, offers a crypto-native solution without being reliant on traditional banking systems and has revived a healthy upswing. The token has triggered a healthy upswing since the early trading hours and is heading towards the previous highs at around $1.3. 

The recent bullish push has enabled the price to trigger a breakout from the ongoing decisive triangle, which has been flashing massive bullish signals for the crypto. Besides, the RSI is heading towards the upper threshold after triggering a bullish divergence. An entry within the upper range suggests the price could test the immediate target at $1.16 at any moment. If the bulls sustain without allowing the bears to extract the profit, a rise towards $1.25 could be imminent. 

Also Check Out The : After Exhibiting Extreme Volatility, Bitcoin Consolidates Within a Range: Here is What’s Next for BTC Price Action

The bulls are trying hard to keep up the buying pressure, which may enable the price to reach the desired highs. Moreover, the Bitcoin halving is just a few days away and hence, market sentiments are expected to turn bullish. This could pave the way for the Ethena price to soar above $1.25 and eventually mark new highs above $1.3. Therefore, before the end of the month, the ENA price could rise high to record a new ATH at $1.5 and maintain a bullish trend ahead.

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