ENS Price Jumps 15%, Hints At Wedge Breakout Run
The post ENS Price Jumps 15%, Hints At Wedge Breakout Run appeared first on Coinpedia Fintech News
Despite the market witnessing the first altcoin ETF, the overall sentiment in the top crypto loses the early excitement. As Bitcoin drops and Ethereum loses the initial surge, the top altcoins are under pressure. However, the ENS price trend teases a potential breakout rally in the coming days.
With a massive surge last night, the ENS price teases an extension in the recovery rally. Will this rally result in a bull run to $50? Let’s take a technical look at the ENS price chart to determine breakout chances this week.
Ethena Price Trapped In A Wedge
Maintaining a bullish recovery over the past few months, the ENS price has surged by 116% in the last 70 days. Starting from the $13 support level, the Ethena has exceeded the $25 level and led to a higher low formation.
However, the annual price trend reveals a resistance trendline, keeping the higher high peaks under check. Thus, a rising wedge pattern is visible in the daily chart, with the two converging and ascending trendlines.
The ENS price is currently trading at $28.53, with an intraday fall of 4.17% despite the 15% jump last night. However, the ongoing bull cycle within the wedge maintains the ascend to the overhead resistance trendline.
Technical Indicator:
EMA: The bull cycle surpasses the 50D and 200D EMA, avoiding a death cross possibility. As the uptrend in the daily EMAs continues, the 50D EMA acts as the dynamic support for the uptrend.
MACD: As the ENS price jumps overnight, the MACD and signal lines give a bullish crossover with a surge of positive histograms.
Will ENS Price Surge To $50?
The bull cycle within the wedge gains momentum and shows a double-bottom breakout with a neckline at $28.37. Further, the intraday fall comes as a retest of the breakout and a post-retest reversal will likely challenge the overhead trendline.
A bullish breakout of the rising wedge could top the $50 psychological milestone with the unleashed momentum.
