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While the entire altcoin market finds a boost overnight, the uptrend continues in the Ethena Labs token. As the price of the ENA token rises day by day, the underlying demand appears healthy and growing, with no visible signs of exhaustion.
The uptrend signals a burst rally, with the altcoin gaining momentum as the overall market rebounds. Will the ENA price rise continue and reach the $2 mark this week?
Ascending triangle breakout extends uptrend
With a dominant support trendline on the 1H chart, the newly launched ENA token continues an uptrend. Additionally, the ENA price chart shows the recent jump above the overhead barrier at $1.20.
With this groundbreaking event, Ethana Labs’ token is poised to approach the market cap of $2 billion. The token saw a surprising 371% surge from its starting price of $0.29.
Currently, ENA price is trading at $1.38, with an intraday growth of 6.70% to form another bullish candle. This led to the fifth consecutive bullish candle and reflects a steady increase in underlying bullish momentum.
Technical indicators:
RSI Indicator: With the massive uptrend, the RSI line enters the overbought segment, strengthening the uptrend momentum.
EMA: The uptrend gives rise to a positive rising EMA of 50 in the 1H chart, supporting the uptrend and providing a dynamic rebound.
Will the price of ENA reach $2?
As ENA price breaks above the $1.20 mark, the bulls lead to a breakout of an ascending triangle in the 1H chart. This indicates a high probability of continuation of the altcoin's uptrend.
Depending on the Fibonacci levels, the rally could reach the $1.76 mark. However, with the overall market recovery gaining momentum, the altcoin could target the $2.67 mark.
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