Ethena labs token nears the end of the pullback phase

As the Ethena labs token nears the end of the pullback phase, sideline traders are eagerly waiting for the next significant rise.

Previous pricing pattern indicates an inability to maintain an upward trend above $1.50, resulting in a significant decrease in ENA price, eventually dropping below the $1 mark. Still, the stable foundation at the demand zone of $0.80 results in a gradual ascent that surpasses the resistance trendline above.

Ranked 73rd on the list of top 100 coins, the altcoin has a market capitalization of $1.28 billion. At this moment, the ENA price is $0.9042, having increased by 11.28% during the day, resulting in a bullish engulfing candle on the 1D chart.

Furthermore, the increasing confidence is accompanied by a bullish comeback, breaking through the resistance trendline and creating a bullish engulfing candle. Therefore, the current rebound presents an excellent chance to purchase the dip.

Hence, if the price keeps climbing, it may reach $1.00 and exceeding that could lead to a retesting of $1.50 too. Nevertheless, if the price is unable to maintain $0.80, it may drop to even lower levels.