With the recovery rally in altcoins, the total crypto market cap, excluding Bitcoin and Ethereum, has reached $865 billion. With the altcoin market aiming to reclaim the $1 trillion mark, Ethena is on a recovery run.
In the past 24 hours, the ENA token has surged by nearly 20%. Will this recovery run in Ethena result in a bullish turnaround? Let’s find out.
Ethena Price Recovery Hits $0.40
In the daily price chart, the ENA price trend reveals a bullish comeback with a massive bullish engulfing candle. The ENA price has jumped 19% today to reach the $0.40 market price.
With this recovery run, the ENA price is challenging the 38.20% Fibonacci level at $0.4087. Furthermore, the quick turnaround prolongs the positive trend in the MACD and signal lines.
The bullish spike comes within a prevailing downfall that has accounted for a 72% drop. This prevailing downfall also resulted in a bearish crossover in the 100-200-day EMA lines. Thus, the 20-, 50-, 100-, and 200-day EMA lines maintain a negative alignment.
Analyst Shares Buying Opportunity in Ethena
Supporting the chances of a bullish turnaround, Ali Martinez, a crypto analyst, has highlighted a buy signal for Ethereum. Based on his recent tweet, the TD Sequential Indicator has flashed a buy signal for Ethereum on the weekly chart.
This highlights the possibility of a new upward momentum in the ENA price trend. With the bullish turnaround, the ENA price could reclaim the $0.50 psychological mark in the next week.
Ethena Labs To Unlock 2.07B ENA
Despite the bullish signals, Ethena Labs has made a significant transaction in the past 24 hours. The foundation’s multi-signature wallet has transferred 19.16 million ENA tokens to 33 addresses.
This transaction is worth nearly $33.7 million. As per SpotOnChain, the transfer is likely part of this week’s 2.07 million ENA unlock. The unlock is worth nearly $741 million and accounts for nearly 40% of the circulating supply.
At the time of the X-post, 59.3 million ENA tokens worth $21.08 million had been sold on decentralized exchanges or sent to Binance. The key recipients of the ENA tokens are OKX Ventures co-founders Michael Egorov. Currently, the multi-signature wallet holds 1.22 billion ENA tokens worth $433 million.
ENA Price Targets
With the intraday recovery, Ethena has undermined the 10% downfall yesterday and is aiming for a quick turnaround. Based on the Fibonacci levels, the bullish turnaround in ENA is likely to challenge the 50% Fibonacci level at the $0.50 psychological mark.
Beyond this, the price target extends to $0.85. On the flip side, the crucial support for ENA remains at the 23.60% Fibonacci level at $0.3137.
