Can ENA Reach a New All-Time High? | Credit: Derek Fenech
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Key Takeaways
Ethena (ENA) has closed above long-term resistance.
The ENA price trades only 20% below its all-time high.
Can ENA maintain its momentum and break the high?
The ENA price fell nearly 90% after reaching an all-time high in April. The decline led to a low of $0.18 in September before the trend finally reversed. The price has increased quickly since, accelerating its trend in November.
The increase is aided by Donald Trump’s World Liberty Financial purchasing ENA. The wallet buys Decentralized Finance (DeFi) cryptocurrencies such as AAVE, ENA, and ONDO.
Considering that, let’s analyze the Ethena price action and see if ENA can reach a new all-time high soon.
The 3-day ENA chart shows that the price has increased rapidly since the start of November. In December, ENA reached the $1 horizontal resistance area but was rejected twice (black icons), creating long upper wicks.
This is the chart’s most important resistance since it is both the 0.618 Fibonacci retracement level and a horizontal resistance area. Additionally, it is the final resistance area before the all-time high of $1.52 reached in April.
ENA finally broke out this week, creating a large bullish candlestick and reaching a high of $1.33, the highest price in 246 days. ENA now trades only 20% below the all-time high. If it breaks out, the 1.61 external Fibonacci retracement of the decline since the high would create the next target at $2.34.
Technical indicators support the upward movement. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds at 50 and 0, respectively.
Furthermore, neither has generated any bearish divergence.
As a result, the 3-day chart implies that Ethena will reach its all-time high and possibly break out.
New ENA All-Time High?
The daily time frame wave count suggests ENA will continue increasing to its all-time high. According to the count, ENA is in the fifth and final wave of an upward movement. Wave three extended, and wave four became a symmetrical triangle, from which ENA broke out yesterday. The sub-wave count is in black.
If wave five has 0.618 times the length of waves one and three combined, ENA will reach a high of $1.35. An extension could take ENA to a high of $1.89.
The MACD has not generated any bearish divergence, and the RSI has not confirmed its own, meaning the upward movement may continue.
So, the wave count does not confirm if ENA will reach the long-term target of $2.66 before a retracement. However, a new ENA all-time high is likely.
Another High Awaits
The ENA price action and wave count are bullish. Ethena news is also positive since Trump’s purchases have brought attention to it.
NA will likely reach a new all-time high, possibly increasing as high as $1.89 or $2.66.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
