Ethena’s recent strong price performance continues to defy broader market corrections. Prominent analyst AMCrypto emphasized the resilience of ENA’s price, reminding followers of the entry-level recommendation below $0.40 and suggesting substantial upside potential ahead. Technical analysis further supports this development, showing the cryptocurrency’s bullish trajectory.
What you'll learn 👉
Ethena Chart Analysis: Strong Recovery with Bullish Patterns Emerging
ENA has demonstrated a robust recovery after a prolonged decline earlier in the year. The daily price chart reveals a clear “cup-and-handle” pattern, often associated with continued upward momentum. The rounded bottom of this pattern reflects a period of gradual accumulation, culminating in a breakout above the critical $1.00–$1.20 resistance level.
This breakout signals heightened demand and buyer interest, reinforced by a steep upward trendline following the handle’s formation. Analysts observe that Ethena’s price has now established the former resistance zone as a new support level, further affirming the asset’s bullish outlook.
Key Resistance Level Turns into Support
Previously, the $1.00–$1.20 zone acted as a major resistance level, capping upward movement during earlier price action. The breakout above this level marks a pivotal moment for ENA, as the price now consolidates above it. This consolidation phase suggests that buyers are maintaining control, even as the broader crypto market faces corrections.
The horizontal shaded area in the chart highlights this transition, showcasing how the former resistance is being tested as support. A successful retest strengthens the likelihood of continued growth, provided external market factors remain favorable.
Read Also: Here’s Why Kaspa (KAS) Price Could Surge 50x
AMCrypto’s Bullish Tweet Aligns with Technical Strength
Crypto influencer AMCrypto highlighted ENA’s resilience in a recent tweet, stating that the token is “holding strong despite broader market correction.” The tweet also pointed to a previous recommendation of ENA below $0.40, suggesting early investors have already seen considerable gains. The mention of “a lot of upside potential” aligns with the bullish technical setup visible in the chart.
Based on the observed price movement, analysts view the breakout above $1.20 as a promising development for ENA’s price. The current consolidation above this level could pave the way for continued upward momentum if the support zone holds. While external market conditions remain a factor, ENA’s technical and social indicators position it as a token worth monitoring in the weeks ahead.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
