ENA's 12% 24-Hour Rally Fuels Bullish Momentum Near $0.65 Resistance

ENA’s recent 12% rally in the past 24 hours has brought renewed attention to the token, currently trading near $0.63 with a daily volume of approximately $780 million. Although the token has corrected 5% from its one-week high, key technical indicators suggest continued bullish momentum. The price remains just below the $0.65 resistance level, a historically significant point in prior market cycles. Analyst CryptoAmsterdam emphasized that breaking and holding above this level could act as a catalyst for a move toward $0.75[1].

On the 4-hour chart, ENA is trading above all major exponential moving averages (EMAs), including the 20, 50, 100, and 200-period lines, with the 200 EMA currently at around $0.49. This configuration, known as a bullish alignment, is typically seen as a continuation signal for an upward trend. The Money Flow Index (MFI) currently stands at 57, indicating increasing buying pressure but not yet reaching overbought territory, which suggests the uptrend could persist[2].

Retail investor activity has also surged in the $0.60–$0.70 range, a level previously associated with local peaks due to heavy participation from smaller traders. According to data from CryptoQuant, this “Too Many Retail” signal suggests the market is closely watching for a breakout or consolidation at $0.65. Similar patterns in the past have been linked with caution near turning points. Crypto Rand also noted strong inflows and steady price action in the current range, with the market broadly waiting for a definitive move[3].

The next critical test for ENA is whether it can break above $0.65 and hold the level. If it succeeds, the immediate target shifts to $0.75, potentially signaling the start of a broader bullish phase. A failure to hold above $0.65, however, could see the price retreating toward the support zone near $0.35. Until a clear breakout or breakdown is confirmed, the market remains in a neutral stance, with traders closely observing price behavior around this key level[1].

Source: [1] https://cryptopotato.com/will-ena-smash-the-0-65-barrier-after-12-rally/