Ethena Surges 17% as Bullish Breakout Gains Traction
Ethena (ENA) has seen a notable price increase of over 17% in the last 24 hours, currently trading at $0.34. This surge marks a decisive breakout from a prolonged falling wedge pattern, signaling a potential upward trend.
The bullish momentum was triggered on tuesday when a strong marubozu candle broke through the upper trendline, pushing the price above the 20-day EMA. Today, the price is challenging the 50-day SMA, suggesting a shift in medium-term direction.
Technical indicators support this bullish outlook. The RSI has climbed to 55.84, while the MACD shows a bullish crossover, with the MACD line above the signal line and a green histogram forming. The ATR indicates low volatility, which ofen precedes significant price movements.
Ethena’s rise coincides with a broader market recovery. Bitcoin (BTC) is nearing $95,000, and Ethereum (ETH) is approaching $1800, as trade war concerns ease. Source: TradingView
Looking ahead, the first major resistance is around $0.45,a level were ENA faced rejection earlier this year. A more ambitious short-term target is the $0.70–$0.72 range, based on the wedge’s measured move.
However, if ENA fails to hold above the $0.30 breakout level, accompanied by a drop in RSI below 50 and a bearish MACD crossover, the downtrend may resume.
