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Can ENA price reach $1.5?

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The cryptocurrency market cap has secured levels above $2.5 trillion as the price of Bitcoin rose above $68,000. This could be due to growing confidence from bulls as they have triggered a significant buying volume on a slightly declining volume. Nevertheless, the markets remain in a consolidated area. Additionally, the newly launched token Ethena (ENA) has revived a nice upswing and is also leading the top performers of the day.

Ethena, the Ethereum-based synthetic dollar protocol, offers a crypto-native solution without relying on traditional banking systems and has revived a healthy recovery. The token has sparked a strong upswing since the early hours of trading and is heading towards previous highs of around $1.3.

The recent uptrend has allowed the price to trigger a breakout from the ongoing crucial triangle that triggers massive bullish signals for the cryptocurrency. Also, the RSI is moving towards the upper threshold after triggering a bullish divergence. An entry into the upper area suggests that the price could test the immediate target at $1.16 at any time. If the bulls hold out without allowing the bears to make a profit, a rise towards $1.25 could be imminent.

The bulls are trying with all their might to maintain buying pressure, which could lead the price to reach the desired highs. Furthermore, the Bitcoin halving is just a few days away and therefore market sentiment is expected to turn bullish. This could pave the way for Ethena price to rise above $1.25 and eventually set new highs above $1.3. Therefore, the ENA price could rise sharply before the end of the month, reaching a new high of $1.5 and continuing an uptrend.