Ethena Projected for Strong Bullish Uptrend
Ethena, a promising cryptocurrency player, is demonstrating powerful bullish price movements. The crypto has shown a commitment to an ongoing uptrend, evidenced by a series of higher highs and higher lows. Market analysts suggest that a short-term pullback towards the $0.67 mark might prime Ethena for its next leg upwards with a target of $0.96.
Important Points of Interest
A few noteworthy points in Ethena’s current outlook are the $0.67 support level as it aligns with the 0.618 Fibonacci, making it a critical support. On the flip side, $0.96 is the main resistance to watch out for, being the potential new annual high. Lastly, an influx of bullish volume authenticates Ethena’s strong uptrend.
Momentum Backed by Strong Market Structure
Ethena’s latest uptrend draws its power from strong momentum as market structures expand higher. Prospects of a short-term setback or correction, rather than dampening spirits, are seen as a possible opportunity for market resetting. This could pave the way for creating another higher low and bolstering momentum for exploring untested resistance levels.
Technical Viewpoints to Note
From the technical scrutiny’s perspective, the $0.67 mark is a significant point, acting as a high timeframe support zone. This is further strengthened by its position that coincides with the 0.618 Fibonacci retracement, making it a promising point for a potential bullish retest, given a corrective trend.
Higher Lows: A Step Toward Market Rally
If a higher low forms around this point, it would preserve Ethena’s current trend structure and lay the foundation for another rally. On the other side, the $0.96 mark, which operates as a high timeframe resistance, is the next significant target on the upside.
Untested Territory Breached Can Trigger Bullish Momentum
This price region, which is yet to see a test since it was lost earlier this year, poses a critical juncture for the price discovery process. A clean surge beyond this level could trigger new yearly highs and possibly attract additional bullish momentum in the market.
Volume Profile Fuelling Bullish Outlook
Another factor upholding this bullish perspective is the volume profile, which shows a continued trend of above-average buying activity. Such a trend is considered healthy within an uptrend as it demonstrates continued demand and trader participation at these price points. Currently, there aren’t any technical signs indicating a slow down in the uptrend.
Potential Buying Opportunity Anticipated
In the short term, a slight drawback to $0.67 is not seen as a bearish event, rather a possible buying trigger. A successful rebound from this level could launch Ethena toward the $0.96 mark, maintaining the bullish market structure in place.
What to Look Out for in the Upcoming Price Movements
If Ethena recedes back to the $0.67 mark and exhibits stability, a pivot back towards the $0.96 resistance level can be expected. A breakout beyond this level would note new annual highs and extend the ongoing uptrend.
