ENA Price Prediction: Ethena Price Aims For A Recovery After Forming A Rounding Bottom Pattern

The Ethena price jumped 2% in the last 24 hours to trade at $0.7296 as of 11:58 p.m. EST on trading volume that surged 8% to $424 million.

The Ethena (ENA) price experienced a slight increase of 2% in the last 24 hours, trading at $0.7296 as of 11:58 p.m. EST on trading volume that surged 8% to $424 million.

The 3-day ENA price chart showcases a rounding bottom pattern formation, a classic technical pattern that signifies accumulation and potential continuation of an upward trend.

After a steep decline from its peak in June 2024, the Ethena price found a base around the $0.19 support in September and gradually formed a rounded bottom, as per GeckoTerminal data.

This accumulation phase was followed by a strong rally, completing the pattern. The Ethena price then pulled back slightly.

Currently, the price of ENA is testing the support level near $0.637, a region that previously acted as resistance before the breakout. This level is crucial—if it holds, it could confirm a cup and handle the pattern’s bullish continuation. However, a breakdown below this level could invalidate the setup and lead to further declines.

The 50-day Simple Moving Average (SMA) is sitting around $0.6371, indicating that the price of Ethena is still trading above this key level. This suggests that the short-term trend remains positive, though price action is currently experiencing a correction.

Meanwhile, the Relative Strength Index (RSI) is at 45.72, which places it in a neutral zone. This reading suggests that the asset is neither overbought nor oversold. However, RSI has been declining from previous highs, indicating a cooldown in bullish momentum.

Given the current technical setup, ENA is at a critical juncture. If buyers step in and the current support is around $0.64, we could see a bounce back towards the recent highs near $1.27.

This surge could complete a possible cup and handle pattern, therefore pushing the price of Ethena higher.

A failure to hold support at $0.70 could lead to a deeper correction below the 50-day SMA, with the next possible cushion against downward pressure around $0.60.

As the ENA price jumps, investors are also piling into a Pepe alternative in presale that’s called Wall Street Pepe (WEPE). 99Bitcoins, a popular YouTube channel with over 724k subscribers, says WEPE could be the next 100X meme coin.

The project aims to be a place where members can collaborate, share exclusive market insights, and potentially make massive gains by identifying promising opportunities early on and subsequently outsmarting secretive whale investors.

Drawing inspiration from the success of Wall Street Bets on Reddit, the idea is that members will collectively decide on which projects to support, driving momentum and growth.

This community-focused approach helps members gain useful market knowledge, make smart decisions, and connect with others for trading and networking opportunities.

The bottom line: WEPE hates insider whale investors, and he aims to ensure his WEPE Army can “out-trade the hedge fund fraudsters.”

The project emphasizes being open and easy to join, allowing everyone to get involved early.

The WEPE token also comes with a passive income opportunity through its staking feature, which offers a 19% annual percentage yield (APY).

You can buy WEPE tokens from the official website for $0.0003665 using ETH, USDT, or a bank card.

Buy WEPE before the presale ends in 16 days.