- Ethena (ENA) surged 17% after breaking out of a falling wedge pattern, signaling strong bullish momentum.
- If it holds above $0.30, the next target could be $0.70 based on technical projections.
Ethena (ENA) has jolted the crypto market back to life, surging over 17% in the past 24 hours following a powerful breakout from a long-standing falling wedge pattern. Now trading at $0.34, traders and analysts are eyeing the $0.70 mark as the next major price target.
Ethena (ENA) has jolted the crypto market back to life, surging over 17% in the past 24 hours following a powerful breakout from a long-standing falling wedge pattern. Now trading at $0.34, traders and analysts are eyeing the $0.70 mark as the next major price target.
Tuesday’s explosive move was marked by a bullish marubozu candle that decisively pierced the upper boundary of the wedge and vaulted above the 20-day EMA. Momentum has continued to build, with today’s candle now challenging the 50-day SMA—suggesting a meaningful shift in medium-term sentiment.
Also read: Dogecoin Price Breakout Signals 45% Rally Potential Amid Meme Coin Market Surge
Technical indicators support the rally. The Relative Strength Index (RSI) has climbed to 55.84, confirming bullish momentum without yet entering overbought territory. Meanwhile, the MACD has flashed a bullish crossover, with its line rising above the signal line and a green histogram bar beginning to take shape.
Volatility also plays a key role. The Average True Range (ATR) remains low, a signal that often precedes sharp market moves. In crypto, low volatility followed by a breakout can be the spark that drives significant price discovery—exactly what seems to be happening now with ENA.
The move comes during a wider market rebound, with Bitcoin (BTC) nearing $95,000 and Ethereum (ETH) approaching $1,800 amid easing macroeconomic concerns.
Looking forward, the first test lies at $0.45—Ethena’s previous resistance level from February and March. If the bullish breakout holds, the next target range—based on the measured move from the wedge—sits between $0.70 and $0.72.
However, if ENA fails to maintain support above $0.30, the bullish case may unravel. A drop in RSI below 50 or a bearish MACD crossover could signal a resumption of the downtrend.
For now, all eyes are on ENA as it rides a wave of renewed momentum—and the question traders are asking is clear: can it hit $0.70 next?
