- ENA eyes a midterm breakout with a 129.78% upside as it tests key resistance at $0.35 after rebounding from a $0.27 low.
- Bullish inverse head and shoulders on the 4H chart boosts sentiment as ENA breaks neckline and targets $0.39 with growing momentum.
- Multiple timeframes show bullish signals as ENA breaks from a falling wedge and confirms support near $0.33 for potential upside.
Ethena (ENA) is showing strong bullish potential after key technical patterns emerged on multiple timeframes. Recent price action suggests a trend reversal. the token pushes through major resistance zones, signaling the possibility of further upside.
On the daily chart, ENA has been consolidating within a descending parallel channel since December. The asset peaked mid-December before sliding into a bearish pattern. It consistently printed lower highs and lower lows, a classic sign of sustained downward pressure. However, throughout February and March, the token respected the lower boundary of the channel, confirming strong support.
Recently, ENA bounced sharply from its April low near $0.27. The price surged toward the upper resistance line of the falling wedge. Currently, ENA trades near $0.3258 and is testing the critical breakout zone between $0.34 and $0.35. A confirmed breakout from this range could lead to a midterm rally. Captain Faibik projects a price target of $0.75, suggesting a 129.78% potential gain.
Inverse Head and Shoulders Strengthens Bullish Outlook
Besides the wedge breakout, ENA displays an inverse head and shoulders pattern on the 4-hour chart. This formation typically precedes bullish reversals and signals momentum shift. The left shoulder formed near $0.33 in early April, while the head dipped lower to $0.275 around April 7.
Moreover, the right shoulder developed with a higher low near $0.30, confirming structural symmetry. The neckline, slightly sloping down, was broken around $0.33. This neckline now acts as key support. Following the breakout, ENA surged to $0.3502, reflecting a 1.98% price increase. Additionally, a measured move from the pattern height projects a target around $0.39. The price momentum confirms traders’ confidence in the setup.
