Technical analysis by bitcharger about Symbol ENA: Buy recommendation (12/16/2024)

ENAUSDT : Here with another speculation about crypto assets. This time Ethena token with ENA ticker. Let’s take a look at the project’s information: Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money that is not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument — the 'Internet Bond'. $ ENA Market Cap: $ 3.61 B Market Cap Rank: #46 Market Price: $ 1.23 ATH: $ 1.52 (-19.73%) ATL: $ 0.19 (+523%) Source: Coin Market Cap Besides, Trump's World Liberty project spent 500K USDC to buy 509,955 $ENA. Not much investment but shows that Ethena is in spotlight. That’s what we need for now from Ethena project. Okay then, let’s see what we have on the chart. - W1: Trend: Price has been in an uptrend for 100 days. Price has broken 3 major resistances in this last week’s uptrend. The first resistance level was $ 0.5 smashed on the 7th. Nov. Price was rejected from another resistance and came back for an S/R test on that $ 0.5. With $ 0.5 proven as support, the price attempted to break another resistance at $0.68. Broken this level too and at its 3rd attempt. $0.77 broken easily and even a major supply of $ 1.05 ~ $ 1.15 was absorbed recently. This is the last known resistance level and will probably be touched again for the S/R test. I’ve marked important levels for a better understanding. MAs: On a daily time frame, we can see the golden cross and the Price move above all key MAs. This is bullish as long as it keeps this setup. RSI: on a daily time frame, RSI doesn’t look so good. Already in an overbought zone and a bearish divergence is on the chart. This means the price will more likely have a pullback or sideway move before any continuation. In the weekly time frame, we have RSI on the edge of the overbought zone but still have room to develop. This means, I expect a small pullback within the current week and then a bullish continuation to the new ATH. Stoch. RSI: Stochastic RSI is in good shape in the daily time frame. Bullish crossover in D1 and value is around 56 which shows strong momentum. Volume: Volume increased in the daily time frame to validate the breakout from resistance levels. Supports: $ 1.00 ~ $ 1.14 broken resistance level $ 0.95 Ma20 in D1 $ 0.67 Ma50 in D1 – Broken resistance level $ 0.48 - $ 0.52 Demand zone- Ma200 in D1 Resistances: $ 1.5 D1 ATH Fibo extension levels Conclusion: All these opinions are mine and can be wrong, so please DYOR. This coin has strong fundamental and technical advantages My strategy goes as below: 🛒 Pair: ENA/ USDT 🛒 👑 Bitcharge 👑 🕰 16/12/2024 🕰 POSITION: 🟢"Buy"🟢 2 % of capital 🛒 Buy: $ 1.05 – $ 1.15 🛒 👉Sell Targets👈 🎯TP1: $ 1.30 🥉 🎯TP2: $ 1.45 🥈 🎯TP3: $ 1.65 🥇 🎯TP4: $ 1.85 🚁 🎯TP5: $ 2.05 ✈️ 🎯TP6: $ 2.30 🚀 🎯TP7: $ 2.50 🛰 🎯TP8: $ 2.80 🛰 🎯TP9: $ 3.20 ✨ 🎯TP10: $ 3.50 ⭐️ ⛔️ SL: $ 0.80 ⛔️ by closing D1 BelowBuy zone touched.Buy orders Filled