- ENA price is testing $0.6911 resistance, forming higher lows within a descending channel, hinting at a possible bullish breakout.
- Open interest surged by 8%, reaching $1.38B, signaling rising capital inflow and stronger participation from derivatives market traders.
- RSI at 65 and MACD crossover confirm momentum, with ENA trading above the 9 EMA and 50 SMA, supporting continued upward strength.
ENA technical update shows the token is now pressing up against a key resistance level around $0.69 — right at the top of its descending 4-hour channel. With bullish momentum starting to build, traders are closely watching for a breakout that could open the door to the $0.75–$0.80 range.
ENA Price Eyes Breakout from Tight Channel
ENA’s 4-hour chart on Binance continues to follow a well-defined descending channel that’s been in place since mid-August. The price action has stuck closely to both trendlines, forming lower highs and lower lows.
At the time of writing, ENA is trading near $0.727 and is once again testing the upper boundary of this channel.The $0.6911 resistance level is now a key area that traders are closely watching for a potential breakout.
If ENA fails to hold above this level, the price could slip back and even test the lower boundary again.However, a strong close above this zone may open the door for a move toward the $0.75–$0.78 range.
Open Interest Signals Trader Confidence
In a tweet, Alpha Crypto Signal noted that open interest in ENA derivatives rose by 8%, climbing from $1.27 billion to $1.38 billion. That increase reflects higher capital flow and growing interest among active traders.
Rising open interest often confirms traders are positioning ahead of expected moves. Paired with recent higher lows and stronger volume, this jump could support a potential breakout.
If ENA can maintain its momentum, that $0.69–$0.70 zone may flip into support and help fuel a larger move.
Indicators Show Strength as Price Builds Momentum
Technical signals are now pointing to short-term bullish strength. ENA is trading above both the 9 EMA at $0.6810 and the 50 SMA at $0.6516.
The RSI has also moved up to 65, this indicates a steady buying interest and growing momentum.Meanwhile, the MACD has turned bullish, with a clean crossover and expanding histogram bars — typically a sign of growing upside momentum.
If this setup holds, traders may soon see ENA push beyond current levels and target the $0.75–$0.80 zone in the sessions ahead.
