Technical indicators show that the Ethena (ENA) cryptocurrency token price may break out toward $2.15. A crypto analyst identified a cup-and-handle pattern in the ENA/USDT price chart.
Ethena crypto has performed well in the last 24 hours, rising by 20.69% and outperforming the rest of the market. Bitcoin (BTC), Ethereum (ETH), and many other altcoins are struggling to recover from a significant decline earlier this week.
Although the ENA price has rebounded strongly today, it also experienced a 34.62% drop, falling from $1.3 on December 16 to $0.85 earlier today, December 20.
Currently, the Ethena coin price has staged a strong comeback and is now trading for $1.16. The ENA token is now the 40th largest coin by market cap, valued at about $3.41 billion.
Despite the recent fluctuations, analysts remain optimistic about the ENA token price, with some predicting it could reach $2.15 from the current level.
Ethena crypto price sights $2.15 if key support holds
Crypto analyst and YouTuber Chill Trader shared a price chart for ENA/USDT that shows Ethena could rise by 85.34%. He points out that the price action of $ENA is forming a bullish Cup-and-Handle pattern, with important support at about $0.94.
This support level is currently being tested, and if it holds, the analyst expects the price to reach around $2.15. This projection is backed by strong momentum from the 200-day Exponential Moving Average (EMA) at $0.63, well below the current price range.
However, if the price drops below $0.94, it might fall to lower support levels around $0.86. Volume will be critical to confirm the trend; strong buying volume is needed to see a bounce from support, while high selling volume would indicate a breakdown.
In addition to technical indicators suggesting a possible breakout, several fundamentals also point to an upcoming price increase. Ethena recently formed partnerships with Donald Trump’s World Liberty Financial (WLFI) and investment firm BlackRock.
Ethena is working with WLFI to use the sUSDe stablecoin as collateral on its Aave-backed platform, which is gaining attention in decentralized finance (DeFi).
Furthermore, the partnership with BlackRock aims to create a strategy that helps manage risks in tough market conditions while still earning returns from treasury investments. On December 16, they launched a new stablecoin called USDtb. This stablecoin is backed by BlackRock’s BUIDL Fund and was created with the help of Securitize, a tokenization platform for real-world assets.
The buzz around these partnerships and the potential impact of a Trump-backed administration has increased interest in the Ethena crypto (ENA), suggesting a positive outlook for this cryptocurrency soon.
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