Ethena price forecast almost touching $1

The Ethena price rose 13% today to $0.9165, while the crypto market rose 1% in the past 24 hours. ENA token, tied to the Ethena synthetic dollar protocol, rose 16.5% this week, but fell about the same percentage over the past month. However, since listing in early April, ENA has risen more than 70%, with expectations that it could reach $1 in the coming weeks, with even higher gains possible in the future.

Price forecast for Ethena almost touching $1 – Time to buy?

The indicators used in technical analysis of ENAs look bullish. Although close to overbought, there still appears to be room for further gains in the short term. The relative strength index (RSI) rose to 80 this morning, which could be a dangerous level, but after falling slightly just below 70 in the past few hours, it is starting to rise again.

ENA’s EMA indicator also looks bullish. ENA’s 30-day moving average (orange) has crossed over the 200-day moving average (blue), indicating that the coin is in the midst of a breakout phase.

The coin’s 24-hour trading volume also increased slightly today to $400 million, although this is still below the normal of around $3 billion that was the case in early April when it was first listed.

What’s unusual right now is that whales are apparently still continuing to accumulate ENA, indicating that even more gains are likely in store in the coming days and weeks.

_{Disclaimer: Cryptocurrencies are investments that come with high risks. This article serves as a source of information and does not constitute any form of financial advice. You can lose all your capital.}