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Both Bittensor & Ethena prices are showing improving bullish structures, with TAO testing major resistance and ENA strengthening after a breakout
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A continued upswing could push the TAO price to $300, while the ENA price could target $0.1818 first and potentially hit $0.25 if bullish momentum persists
The prices of Ethena (ENA) and Bittensor (TAO) are showing a renewed bullish momentum as buyers attempt to push them out of their respective consolidation phases. TAO price has surged towards the $255 level and is challenging a key resistance zone, while ENA has broken above its long-standing base. Both tokens have been approaching an important technical barrier that could determine whether the recovery is short-lived or not.
Bittensor (TAO) Approaches a Critical Resistance Zone
Bittensor price has staged a sharp recovery from the $190 to $200 region, with the daily candle pushing to the $255 level. With this, the price has approached the support-turned-resistance zone around $240. However, the broader trend suggests the bulls are now facing a crucial test as the descending trendline from the previous highs is converging around this range and creating a strong resistance cluster around $240 to $255.Â
The momentum has shifted in favour of buyers as the RSI has reached the upper threshold, indicating strong buying momentum. At the same time, the open interest has climbed to around 173K, indicating renewed participation as the price advances. For the bullish structure to strengthen, the TAO price needs to sustain its move above $240 and eventually break the descending trendline. A decisive breakout could shift attention toward the $280 to $290 region and potentially the major resistance near $300.
Ethena (ENA) Breaks Out as Bulls Regain Control
The ENA price has displayed a strong breakout after a prolonged downtrend and surged above the $0.12 to $0.13 zone. This range has acted as a major barrier since February and is now trading around $0.15. Moreover, the moving averages are flashing massive bullish signals, with the 50/200 day MA heading for a bullish crossover, called the Golden Cross.Â
In the meantime, the Chaikin Money Flow (CMF) has climbed to around 0.14, pointing to improving buying pressure. However, the token needs to hold above $0.1818; that could open the path towards the $0.2582 resistance range. With the potential golden cross developing underneath the price, a sustained move above $0.1818 could provide a stronger signal that ENA is transitioning into a healthy uptrend.
Wrapping it UpâCan the Bulls Sustain the Uptrend?
Both charts are showing improved bullish momentum, while the upcoming moves could be crucial. Bittensor bulls are required to defend the $240 price range, which may offer an opportunity to break higher to $255 and eventually open doors to $300. Besides, the Ethena price setup is slightly different, as a potential golden cross may validate the next bullish move. Therefore, both tokens are showing signs of strength; bulls still need to convert these technical improvements into sustained support before the uptrend can be considered firmly established.
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