#Ethena Labs token is nearing the end of its pullback phase, hinting at an imminent surge anticipated by sideline traders.
Failing to uphold an uptrend above $1.50 result in a significant pullback, breaking below the $1 mark.
Notably, there's a robust support base at the $0.75 demand zone, which is crucial for facilitating a gradual recovery and enabling breakthroughs of overhead resistance levels.
Analyzing the daily chart, it's observed that ENA has successfully breached the trendline pattern and is currently trading above it.
This bullish comeback is further reinforced by the formation of a bullish engulfing candle, indicating a growing confidence among traders.
Fibonacci levels suggest that an upward movement beyond $1 could initially target $1.76, with the potential to extend further to $2.67 in a broader market recovery scenario.
According to Coingabbar's analysis, Conversely, a failure to breach the $1.00 level might trigger panic selling, thereby driving prices down towards the $0.7500 support levels.
KEY LEVELS :
RESISTANCE LEVEL : $1.200-$1.520
SUPPORT LEVEL : $0.7500-$0.6000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgement, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
