DeFi

April

Ethena

Billion

The post <a href="https://coinpedia.org/price-analysis/heres-why-ena-price-could-surge-30-this-june/" rel="noopener noreferrer nofollow">Here’s Why ENA Price Could Surge 30% This June!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a gradual improvement in the broader market sentiments, the underlying demand for altcoins is rising this summer. Amidst such market conditions, the ENA price trend shows a bullish pattern forming in the 4H chart, teasing a trend reversal.&nbsp;
With the Ethena TVL approaching the $3 Billion mark, the underlying bullish is slowly on the rise. Will the rising TVL eventually lead to a bull run in the ENA price to surpass the psychological barrier of $1? Find out more in our <a href="https://coinpedia.org/price-prediction/ethena-price-prediction-2024-2030-will-ena-price-cross-10/" rel="noopener noreferrer nofollow">ENA Price Prediction</a>.
<h2 class="wp-block-heading" id="h-will-inverted-head-and-shoulder-reverse-the-trend-nbsp">Will Inverted Head And Shoulder Reverse The Trend?&nbsp;</h2>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdfw3J7CJZLqtak8istMKCC2bMBZsp5i27Vu4YCs-ZbRrmFKVcYv-5n6j6utRPSb6u5Nc7WkBnFGODU-vcLK2_Xl5hXYCbM6b1UM45A-CR62e-cgCpDVlyCdPNQdB0Z1N5E6BMl0K4F4yEz9X2Ja6VBcfM6?key=BILRgqvjHuXf4sBOxOrONw" alt="">
</figure>
<a href="https://www.tradingview.com/x/YjbBANIA/" rel="noopener noreferrer nofollow">Tradingview</a>
Following the pullback phase in April and early May, the ENA price jumped from the bottom at $0.65. Over the past couple of weeks, the recovery rally has exceeded the $0.80 level and tested the $0.96 mark.&nbsp;
Despite the recovery rally accounting for 29% last week, this week, the altcoin is down by 6% to retest the $0.80 breakout. Further, the price trend showcases an underlying increase in bullishness with an inverted head and shoulder pattern.&nbsp;
The trend reversal pattern signals a potential uptrend in the ENA price for the bullish month of June. With a neckline at $0.96, the buyers must overcome the $1 psychological mark for a price jump next month.&nbsp;
Technical indicators:
RSI Indicator: The RSI line peaks above the halfway line with a reversal from the oversold boundary.&nbsp;
EMA: The 50 and 200 EMA in the 4H chart signal a golden crossover, bolstering the bullish trend ahead.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-ena-price-cross-1">Will The ENA Price Cross $1?</h2>
Despite the 6% pullback this week, the 29% jump in the week before keeps Ethena buyers’ morale high. Further, the broader market recovery anticipation is fueling investors’ confidence in low-cap DeFi tokens.&nbsp;
Hence, the bullish breakout chances in the ENA price are high, and the uptrend could surpass $1. In such a case, the uptrend could reach the 78.60% Fibonacci level at $1.28.

Here’s Why ENA Price Could Surge 30% This June!

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