ENA’s price is catching eyes after breaking out of a pattern, according to market watchers. Crypto expert Captain Faibik posted on X that ENA broke from a falling wedge pattern on the daily chart, showing a bullish move. He thinks this breakout could lead to a 2x price jump if the momentum keeps up.
Another analyst, AMCrypto, notes that ENA is struggling around the $0.40 mark, which needs to be broken for prices to rise further. He sees ENA making higher lows, showing a short-term uptrend, but warns that Ethereum’s price moves could affect ENA’s direction.
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Ethena Breakout From a Falling Wedge Signals Potential Reversal
ENA’s price has been dropping for a while now, creating a pattern where each peak and valley is lower than the last – what traders call a “falling wedge.” This pattern usually signals that prices might turn around and go up soon.
Recently, ENA broke through the top boundary of this pattern, which is now helping to keep the price from falling further. Some market watchers think this could be the start of an upward move, with some predicting the price might even double.
But for this upward move to be real, we’d need to see more people buying in – meaning higher trading volume. If buying pressure increases, momentum could push ENA’s price toward its projected bullish target.
Ethena Resistance at $0.40 Holds the Key for Short-Term Growth
On the hourly timeframe, ENA has been making higher lows, forming a rising trendline that acts as support. However, the $0.38 – $0.40 range has proven to be a strong resistance zone, with multiple rejections.
AMCrypto stated that a breakout above $0.40 could trigger strong upward momentum, potentially pushing the price toward $0.42 – $0.45. If ENA fails to break above this level, another retest of the ascending trendline is likely before any further attempt.
Market sentiment remains focused on Ethereum’s performance, with the analyst suggesting that a strong ETH rally could fuel additional demand for ENA, increasing the chances of a successful breakout.
Read Also: Ripple Analyst Warns XRP Holders: 30% Crash Might Come Soon – Top Crypto to Buy Now?
Furthermore, Ethena Labs introduced Converge, a settlement network designed to bridge traditional finance and digital assets. According to Ethena Labs, the network will support USDe & USDtb, providing a secure infrastructure for transactions between TradFi and DeFi.
Since ENA is connected to the ecosystem, new developments in this area could bring more users, which might affect the token’s price. Investors are watching to see if Ethena’s price can confirm this breakout and keep moving up.
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