ENAUSDT :Here with another speculation about crypto assets. This time Ethena token with ENA ticker. Let’s take a look at the project’s information:
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money that is not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument — the 'Internet Bond'.
$ ENA
Market Cap: $ 3.61 B
Market Cap Rank: #46
Market Price: $ 1.23
ATH: $ 1.52 (-19.73%)
ATL: $ 0.19 (+523%)
Source: Coin Market Cap
Besides, Trump's World Liberty project spent 500K
USDC to buy 509,955 $ENA. Not much investment but shows that Ethena is in spotlight. That’s what we need for now from Ethena project. Okay then, let’s see what we have on the chart.- W1:
Trend:
Price has been in an uptrend for 100 days. Price has broken 3 major resistances in this last week’s uptrend. The first resistance level was $ 0.5 smashed on the 7th. Nov. Price was rejected from another resistance and came back for an S/R test on that $ 0.5. With $ 0.5 proven as support, the price attempted to break another resistance at $0.68. Broken this level too and at its 3rd attempt. $0.77 broken easily and even a major supply of $ 1.05 ~ $ 1.15 was absorbed recently. This is the last known resistance level and will probably be touched again for the S/R test. I’ve marked important levels for a better understanding.
MAs:
On a daily time frame, we can see the golden cross and the Price move above all key MAs. This is bullish as long as it keeps this setup.
RSI:
on a daily time frame, RSI doesn’t look so good. Already in an overbought zone and a bearish divergence is on the chart. This means the price will more likely have a pullback or sideway move before any continuation. In the weekly time frame, we have RSI on the edge of the overbought zone but still have room to develop. This means, I expect a small pullback within the current week and then a bullish continuation to the new ATH.
Stoch. RSI:
Stochastic RSI is in good shape in the daily time frame. Bullish crossover in D1 and value is around 56 which shows strong momentum.
Volume: Volume increased in the daily time frame to validate the breakout from resistance levels.
Supports:
$ 1.00 ~ $ 1.14 broken resistance level
$ 0.95 Ma20 in D1
$ 0.67 Ma50 in D1 – Broken resistance level
$ 0.48 - $ 0.52 Demand zone- Ma200 in D1
Resistances:
$ 1.5 D1 ATH
Fibo extension levels
Conclusion:
All these opinions are mine and can be wrong, so please DYOR.
This coin has strong fundamental and technical advantages
My strategy goes as below:
🛒 Pair: ENA/ USDT 🛒
👑 Bitcharge 👑
🕰 16/12/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
🛒 Buy: $ 1.05 – $ 1.15 🛒
👉Sell Targets👈
🎯TP1: $ 1.30 🥉
🎯TP2: $ 1.45 🥈
🎯TP3: $ 1.65 🥇
🎯TP4: $ 1.85 🚁
🎯TP5: $ 2.05 ✈️
🎯TP6: $ 2.30 🚀
🎯TP7: $ 2.50 🛰
🎯TP8: $ 2.80 🛰
🎯TP9: $ 3.20 ✨
🎯TP10: $ 3.50 ⭐️
⛔️ SL: $ 0.80 ⛔️ by closing D1 Below
註釋
Buy zone touched.註釋
Buy orders Filled
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