Ethena (ENA) & THORChain (RUNE) Price Record Massive Gains; Here’s Where They May Reach This Week

By CoinPedia News
about 1 month ago
RUNE ENA

The post Ethena (ENA) & THORChain (RUNE) Price Record Massive Gains; Here’s Where They May Reach This Week appeared first on Coinpedia Fintech News

Ethena (ENA) Price Analysis

Ethena, an Ethereum-based synthetic dollar protocol, has triggered a bullish breakout beyond the resistance. One of the main reasons behind the surge is anticipated to be followed by a collaboration with Bitget Wallet. This enables users to engage with Ethena via Bitget’s wallet browser extension and mobile application. The users will also receive an airdrop of BWB points if they have deposited at least 100 USDT on Ethena. Having said that, will ENA price maintain a bullish trend?

In the short term, the ENA price has broken the bearish pattern, breaking through the descending trend line. The RSI has been soaring and has reached average levels, which has lifted the levels close to the upper targets. In the coming days, the price is believed to maintain an ascending consolidation and eventually reach the crucial resistance zone between $1.19 and $1.2, probably by the end of the week. 

THORChain (RUNE) Price Analysis

THORChain has been stuck within a bearish trend for over a year and formed lows around $0.8. Further, the price triggered a healthy upswing before the markets began to rise in the last quarter of 2023. Since then, the price has been maintaining a healthy upswing and marked highs above $10, which lasted only for a day. However, the rally continues to flash a massive bullish signal as the bulls are trying to hold above the crucial support and push the price within the bullish range. 

As seen in the above chart, the RUNE price is trading within a rising, expanding channel, and the latest bearish pressure has compelled the price to plunge below the support. However, the volume is in a bullish direction, due to which the price may maintain a bullish trend for some time ahead. The RSI also has displayed a bullish divergence, due to which the trend is expected to remain elevated, reclaim the lost levels within the bullish range and secure levels within the key resistance zone above $7

Related News