Date: Thu, Nov 07, 2024, 06:04 AM GMT

The cryptocurrency market has entered a bullish phase, highlighted by Bitcoin (BTC) reaching a new all-time high of $76,000. This rally has been fueled by yesterday's U.S. election results, where Donald Trump, a vocal supporter of cryptocurrency, secured victory. Following Bitcoin's surge, major altcoins have also gained traction, including Ethena (ENA), which has shown impressive price growth.

Ethena (ENA) Gains Bullish Momentum

Ethena (ENA), a synthetic dollar protocol built on Ethereum, has attracted significant attention as it recently climbed to the $0.50 mark. The token recorded a substantial 25% surge in just the last 24 hours, pushing its 30-day gains to an impressive 77%. As investor confidence returns to the market, ENA has become a standout performer among altcoins.

Source: Coinmarketcap

Could the Next Breakout Push It 100% Higher?

Ethena’s (ENA) price is currently hovering around $0.5006, facing an immediate resistance zone at $0.5214. A successful breakout above this level could set ENA on a path toward higher price targets.

Here’s a breakdown of key technical levels to watch:

• Current Price: $0.5006
• Resistance Zone: $0.5214 – If ENA breaks through this level, it could confirm a bullish continuation.
• Next Target 1: $0.7363 – This is the first major target, approximately 47% above the current price.
• Next Target 2: $1.07 – This level represents a potential 108% upside from the current price, aligning with the next major resistance level.

Looking at the daily chart, ENA recently broke out from a descending trendline, which had previously acted as a significant resistance. This breakout is an early indicator of a potential trend reversal. Additionally, the Relative Strength Index (RSI) shows a strong upward movement, suggesting that buying momentum is building.

If ENA can hold above the $0.50 level and break through $0.5214, it may be set for a substantial rally, with a 100% upside possible if the bullish trend continues. The next few days will be critical in determining whether ENA can sustain this momentum.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

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