Ethena Might See a Bullish Turn if it Breaks Above $0.50
Ethena (ENA) is hinting at a possible bullish turnaround. The price action is reminiscent of past accumulation stages, with a potential double bottom forming at crucial support levels.A prosperous breakout above $0.50 could signal the start of a new upswing, possibly leading to higher Fibonacci targets.
The current market setup of Ethena shows signs of an accumulation phase. Technical indicators and price patterns are aligning with previous bullish formations. The price has revisited a significant area where it previously formed a rounded bottom—a foundation for a major bullish trend.
- A double bottom is taking shape, ofen preceding a trend reversal.
- Breaking $0.50 resistance woudl confirm bullish momentum and pave the way for higher levels.
- Ethena’s price remains in a sideways structure, maintaining its support and resistance bands.
From a technical outlook, Ethena is in a consolidation period.The price is confined within a defined range, similar to past bottoming patterns. A developing double bottom, with two rounded lows and a neckline around $0.50,is nearing confirmation. Breaking $0.50 with strong volume would validate the bullish scenario,possibly pushing prices toward the 0.618 Fibonacci retracement level.
Currently, the market is in a holding pattern. Without a confirmed breakout, range-bound trading is expected to persist. However, the structure is positive, with technical signals indicating continued accumulation.
If Ethena surges past $0.50,it could lead to a rally targeting the 0.618 Fibonacci level. Until then, the market is highly likely to experience more consolidation and sideways moves as it prepares for the next significant shift.
