The post Ethena ($ENA) Coin Soars 26%, Analysts Forecast Rally Toward $1.72 appeared on BitcoinEthereumNews.com.

Ethena ($ENA) coin is on the rise, having increased its price by 26% from the Fibonacci buy zone at $0.87. The token’s recent rally highlights strong market interest, supported by robust technical indicators that point toward continued upward momentum. Analysts are eyeing key price targets of $1.3273 and $1.7262, fueled by sustained investor confidence and ecosystem growth. Ethena Coin Fibonacci Zone Sparks Bullish Rally The rally started at the $0.87 Fibonacci buy zone that is equivalent to 0.618 Fibonacci retracement level. This level, which is often considered as a key level of support in technical analysis, provided the basis for the price rebound of Ethena. ENA trading chart | source X The token rose from this zone after testing it, and there was massive buying pressure, and this confirmed the bullish trend. As Ethena’s price increased it formed higher highs and higher lows, thus depicting a clear bullish trend. A consolidation phase that recently occurred, accompanied by high trading volume, added more confidence to the bull run. Ethena ($ENA) Coin Market Performance At present, Ethena is trading at $1.22 and has been on an upward trend in the last 24 hours. – Advertisement – 1-day ENA trading chart | source: Coinmarketcap In addition, its trading volume also increased to $580.98 million from the previous $408.62 million, a 42.32% rise, indicating increased trading activities and deep liquidity in the market. The total value locked (TVL) is at $5.94 billion. This high TVL shows the expanding use of Ethena’s ecosystem and the support it gets. Analysts Predict Further Gains Moving forward, two important price targets have been identified by the analysts. The first one, $1.3273 is a crucial resistance level and a possible place of taking profit. This target is underpinned by Fibonacci extensions and recent swing highs, which makes this level…

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Filed under: News - @ January 6, 2025 12:14 am