Top analyst Crypto-ROD has highlighted the development of a promising bottom structure in ENA’s price, suggesting a possible breakout if key levels are breached.
Ethena’s (ENA) price is up by 7.67% today as it forms a potentially bullish pattern on the charts. With price movements consolidating at critical points, traders are watching closely for signs of upward momentum.
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Ethena (ENA) Price: Double Bottom Pattern Suggests Potential Reversal
The ENA price chart displays a classic double bottom pattern, a technical setup often seen as a bullish reversal signal. This pattern has been forming over recent weeks, with two distinct dips creating a “W” shape. Each time, the price found support around the $0.28 to $0.30 range, marking this zone as a robust support level.
The formation of a higher low at the current level is also notable. This suggests that buyers are stepping in earlier, which could indicate growing confidence in a potential upward trend. If the ENA price successfully holds and pushes higher, it would further validate the double bottom structure and encourage bullish sentiment.
Key Levels to Watch for Breakout Confirmation
A significant horizontal resistance is present near $0.42, which has yet to be breached despite several attempts. Traders see this level as a key hurdle, with many anticipating a breakout if the price can close above it.
Crypto-ROD mentioned that confirming a higher low at this stage would be vital for validating the bullish reversal, as it strengthens the foundation for a potential rise.
The analyst expressed cautious optimism, noting a “nice bottom structure” in the making. The use of a “higher low” signifies a watchful approach, awaiting confirmation of bullish momentum at this level. If the resistance at $0.42 is overcome, analysts predict a strong upward movement, a scenario typically associated with successful double bottom breakouts.
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Moreover, support around $0.28 to $0.30 has proven resilient, with prices rebounding from this zone multiple times. This area forms the base of the double bottom pattern, and any retest of these levels could attract significant buying interest. Should the price drop, maintaining support here will be crucial to sustaining the bullish setup.
The trend lines on the ENA chart also highlight a series of curved arcs beneath the recent price movements, suggesting a gradual formation of a rounding bottom. This visual cue aligns with the idea of a growing base for potential upward momentum. As long as ENA’s price remains above these support levels, traders will likely view dips as buying opportunities.
Finally, the technical analysis and the sentiment from Crypto-ROD indicate a positive outlook for ENA. The anticipation centers around confirming the higher low and testing the resistance near $0.42. Successful movement beyond this resistance would open the door for more gains, drawing attention to possible target zones above $0.50.
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