- The market position of ENA shows it locked inside an ascending wedge pattern that points towards a potential price rally up to $0.75 marking a huge 125% growth from its present price.
- The price decrease of ENA amounting to 1.6% did not deter investors because trading volume surged by 15.08% during the period.
- The price must pass through $0.3163 before it can initiate a bullish trend while crossing $0.3482 would validate this trend.
Ethena (ENA) is showing early signs of a potential trend reversal after a prolonged downtrend, according to recent technical analysis.The market asset stands at $0.3270 and demonstrates a falling wedge indicator of its vulnerability for change.
Since the beginning of 2024 the wedge pattern has been observable in the market through lower highs and lower lows. ENA operates at the edge of this recessionary trend which indicates that a possible breakout could occur soon.
ENA Eyes Breakout From Wedge With 125% Upside Potential
The descending wedge structure on ENA/USDT’s daily chart has been well-defined, with price consistently making lower highs and finding support at gradually descending lows. Analysis indicates that market prices have sufficient room to break out from approximately $0.75 and reach this target value which could lead to more than 125% profit.
Price movements since the previous days indicate ENA challenging the resistance of its wedge formation close to $0.34. The closest resistance point exists at $0.3482 together with strong support at $0.3163.
ENA Shows Accumulation Amid Price Dip
Currently ENA maintains a market capitalization of $1.81 billion which has shown a 1.38% decrease throughout the previous day. The overall trading volume reached $135.49 million while price declined simultaneously causing a 15.08% increase which demonstrates accumulation activity.
Out of the available 15 billion ENA there are 5.55 billion circulating in the market which corresponds to an FDV measurement of $4.91 billion. The market capitalization of ENA divided by TVL equals 0.3602 where total value locked (TVL) amounts to $5.04 billion.Frequent trading of stocks costing 7.42% of the total market capitalization indicates growing short-term market interest which might lead to future price volatility.
Outlook and Future Scenarios
The price would rapidly advance to $0.75 levels following successful breakout above the wedge’s resistance area. Failure to breach this support level will force ENA to return to testing the lower support. Traders should evaluate confirmation candles combined with volume increase to validate long-term price movements. The current technical analysis indicates a cautious bullish trend but short-term price movements stay unpredictable.
