- ENA forms a bullish ascending triangle with strong accumulation below $0.80 resistance.
- A 6% price rally meets token unlock pressure as bulls aim to hold $0.70.
- Ethena’s TVL crosses $13B, showing strong USDe demand and protocol growth.
Ethena (ENA) is gaining attention as it moves closer to a possible breakout. A bullish chart pattern and growing fundamentals are setting the stage for a key move soon.
ENA Builds Pressure Below Key Resistance
Ethena (ENA) is forming a bullish ascending triangle setup defined by a flat resistance near $0.80 and higher lows pushing up from below. This shows that buyers are stepping in every dip, creating pressure for a breakout.
As of this writing, ENA trades near $0.735, down by over 3% in the last 24 hours.It is slightly below the 9-day EMA ($0.7552), which may act as short-term resistance. Meanwhile, the 50-day SMA around $0.6840 lines up with the triangle base and offers solid support.
As the pattern tightens, trading volume has dropped, this is a common sign before a big move. A strong breakout above $0.80, backed by high volume, could send ENA toward $0.95 or even $1.00. But if the price falls below the rising trendline or the 50-day SMA, it could drop back to around $0.68.
Ecosystem Strength Supports the Chart
Data from DeFiLlama shows Ethena’s Total Value Locked (TVL) has climbed past $13 billion. USDe stablecoin supply also surged—from $6B to over $13B since July—suggesting rising demand and user growth.
Ethena is also getting more attention after a $530 million raise for related infrastructure and new integrations, including USDe on Binance. A $260 million buyback program adds more support, helping to build long-term confidence in the token.
The overall mood around ENA is bullish. Over the last 30 days, 20 daily candles closed green. The Fear & Greed Index sits at 71, showing strong investor interest as RSI at 61.66 points to solid momentum without being overbought.
Token Unlock Creates Short-Term Test
ENA is awaiting a $25 million token unlock. The current upsurge added 40.6 million tokens to circulation, testing the market’s strength. So far, the price has held above $0.70, a level now acting as key support.
For now, ENA remains in a tight range, building energy for its next big move. However traders should watch for a clean breakout above $0.80 or a dip below $0.68 for signs of where the price is heading next.
