As the complete altcoin market finds an in a single day increase, the bullish pattern continues within the Ethena Labs token. With the ENA token worth rising day-to-day, the underlying demand appears wholesome and rising, with no seen indicators of exhaustion.
The uptrend alerts a breakout rally, with the altcoin gaining momentum as the general market bounces again. Will the ENA worth rally proceed and hit the $2 mark this week?
Ascending Triangle Breakout Prolongs Uptrend
Tradingview
With a dominant help trendline within the 1H chart, the newly launched ENA token continues a bullish uptrend. Additional, the ENA worth chart exhibits the latest leap surpassing the overhead barrier at $1.20.
With the breakout occasion, the Ethana Labs token is near approaching the $2 billion market cap. The token has witnessed a shocking 371% rise from its inception worth of $0.29.
Presently, the ENA worth trades at $1.38, with an intraday development of 6.70% to type one other bullish candle. This led to the fifth consecutive bullish candle and mirrored a relentless rise within the underlying bullish momentum.
Technical indicators:
RSI Indicator: With the large uptrend, the RSI line enters the overbought section, bolstering the uptrend momentum.
EMA: The bullish pattern births a positively rising 50 EMA within the 1H chart, supporting the uptrend and offering a dynamic bouncepad.
Will The ENA Worth Attain $2?
With the ENA worth surpassing the $1.20 mark, the bulls result in an ascending triangle breakout within the 1H chart. This alerts a excessive probability of a bullish pattern continuation for the altcoin.
As per the Fibonacci ranges, the breakout rally may hit the $1.76 mark. Nevertheless, with a lift within the total market restoration, the altcoin may intention for the $2.67 mark.
