Ethena (ENA) is moving in a short-term consolidation phase as the general trend in the crypto market has turned from bearish to bullish. According to CoinMarketCap, the ENA price has declined by 8.12% over the last 24 hours, but it remains up by 25.07% over the last week.

At the time of writing, ENA is trading at $0.1214, with a trading volume of $174.93 million, which has declined by 31.29% over the last 24 hours. However, its market capitalization stands at $1.06 billion, which is also down by 8.08%.

Source: CoinMarketCap

Also Read: Ethena (ENA) Bullish Breakout Signals 2x Upside Potential Toward $0.22

ENA Faces Crucial Test After Explosive Two-Week Rally

Furthermore, the crypto analyst Umair Crypto highlighted that ENA surged sharply in recent trading, rallying nearly 80% over two weeks during a strong speculative phase. 

Price briefly challenged the 200-day SMA, a key long-term trend marker, but failed to secure a close above it. This rejection signaled that bullish momentum was strong, yet insufficient to confirm a full trend reversal.

Source: Umair Crypto’s X Post

Following this rejection, prices have since calmed down, with a possible retracement towards the Point of Control at the $0.0967 level being watched out for. On the other hand, an upward breakout could still be expected if ENA breaks past the 200 exponential moving average level.

ENA Technical Outlook Points to a Recovery Attempt

According to TradingView, the token is demonstrating strong gains after being in an extended period of decline. 

It has already managed to breach the 20 and 50-day EMAs, thereby exhibiting the presence of bullish momentum. But it continues to trade below the 100 and 200-day EMAs, which now pose as formidable resistance to any upside move.

Source: TradingView

At the same time, the Relative Strength Index shows an increase in buyer’s pressure, as it has broken through the 50 barrier to rise to 66.44. 

The rising trend demonstrates an increasing trend, although it is getting close to being overbought. Bulls dominate the short-term trend as long as the price stays above the faster moving averages.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: Ethena (ENA) Gains Strength: Accumulation Zone Points to Explosive $3+ Rally