The Ethena ($ENA) coin is on the rise, after increasing its price by 26% against the Fibonacci buy zone at $0.87.
The token’s recent surge highlights strong market interest, supported by robust technical indicators that point to continued upward momentum. Analysts are eyeing key price targets of $1.3273 and $1.7262, buoyed by sustained investor confidence and ecosystem growth.
Athena Coin Fibonacci zone triggers bullish growth
The recovery started at the $0.87 Fibonacci buy zone, which is equivalent to the 0.618 Fibonacci retracement level. This level, which is often considered a key support level in technical analysis, provided the basis for the surge in the price of Ethene.
The token rose from this zone after the test and there was a huge buying pressure, and this confirmed the bullish trend.
As the price of Ethene rose, it formed higher highs and higher lows, thus showing a clear bullish trend. The consolidation phase that occurred recently, accompanied by high trading volume, added more confidence to growth.
Market performance of Ethena ($ENA) coins.
Currently, Athena is trading at $1.22 and has been trending upwards over the past 24 hours.
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In addition, its trading volume also increased to $580.98 million from the previous $408.62 million, an increase of 42.32%, indicating increased trading activities and high liquidity in the market.
Total Locked Value (TVL) is $5.94 billion. This high TVL shows the increasing use of Athena’s ecosystem and the support it is receiving.
Analysts predict further gains
Moving forward, analysts have identified two important price targets. First, $1.3273 is a key resistance level and possible profit-taking location. This target is supported by Fibonacci extensions and recent swing tops, making this level a key point in Athena’s recovery.
The second target, $1.7262, looks more like an optimistic scenario. Reaching this level will be a rise of more than 100% from the Fibonacci buy zone which shows that the rise of Ethene is still strong.
Analysts are optimistic about this target, saying that provided the uptrend continues, the token’s strong technical properties and general positive market sentiment will see it reach this mark.
But the journey to these levels is not easy.
The potential for a pullback can occur when markets approach resistance levels or when there are fluctuations in market volatility. Investors should pay close attention to volume fluctuations and other market factors to predict that Athena will achieve these targets.
Investor confidence is growing
The market sentiment for Athena coin is quite positive, and the fear and greed index is 74, which means that investors are in the greed zone.
This “greed” territory is often associated with increased demand, and the current price behavior demonstrates this situation well. According to long-term forecasts, Athena could rise to $3.44 by February 2025, which would represent a gain of 228.84% from current values, supporting its growth.
Traders should remain cautious as short-term traders may decide to take profits and thus lead to a short-term pullback. However, as long as key support levels like the $0.87 Fibonacci zone hold, the uptrend will remain intact.
