Based

USDe

Ethena

With a market cap of $1.15 billion, the Ethena (ENA) price has increased by almost 50% over the last seven days and almost doubled in the last 30 days. Are you wondering if the altcoin can scale up beyond the $0.50 mark this month? Find out more about Coinpedia’s Ethena analysis below!   
<h2 class="wp-block-heading" id="h-ethena-ena-price-analysis">Ethena (ENA) Price Analysis</h2>   
Currently, the ENA price is trading at $0.4195 with an intraday pullback with a 24-hour drop of 7.36%. Further, the intraday candle reveals a 1.93% pullback after facing rejection from the 24-hour high of $0.4627.&nbsp;   
<figure class="wp-block-image size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/16134334/z68JKeOx-1024x511.png" alt="ENA Price Chart" class="wp-image-367304">
</figure>   
<a href="https://www.tradingview.com/x/z68JKeOx/" target="_blank" rel="noreferrer noopener">Tradingview</a>   
As per the Fibonacci retracement levels, the ENA price recovery rally has surpassed the 23.60% Fibonacci level but struggles to surpass the 38.20% level. Hence, a potential retest of the $0.3784 resistance level or the $0.33 level at 23.60% Fibonacci level is possible.&nbsp;   
Technical indicators:   
EMA: The ENA price recovery rally has led to an uptick in the 50-day EMA, turning the average line bullish.&nbsp;   
RSI: The daily RSI line struggles to enter the overbought zone and witnesses a downtick. The momentum indicator reveals a minor bearish divergence in the last two peaks, teasing a potential pullback as a retest.&nbsp;   
Hence, the technical indicators reflect short-term volatility with a possibility of a long-term rally.   
<h2 class="wp-block-heading" id="h-will-ethena-reclaim-0-50">Will Ethena Reclaim $0.50?</h2>   
As the technical indicators maintain a positive trend and the broader market recovery gains momentum, Ethena will likely surpass $0.50. Furthermore, the recent proposal to add SOL as a backing asset to USDe resulted in a buying spree.&nbsp;   
If the proposal is accepted, the ENA price will skyrocket with a boost in market sentiment and increased demand. Based on the Fibonacci levels, a breakout of the 38.20% level at $0.4393 will likely challenge the 61.80% level at $0.6952.   
Will Ethena’s breakout rally reach $1 this year? Find out more in our <a href="https://coinpedia.org/price-prediction/ethena-price-prediction-2024-2030-will-ena-price-cross-10/" target="_blank" rel="noreferrer noopener">ENA Price Prediction</a>.

Missed ENA’s 2x Price Rally? This Breakout Teases a 67% Jump!

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