The price of the Ethena (ENA) synthetic dollar protocol has increased by 6.60% in the last 24 hours. It is currently trading at $0.4258. Although it has dropped 24.40% in the previous 30 days due to the recent bearish crypto market downturn, cryptocurrency analysts are predicting a potential 80-100% bullish wave and a possible price increase to as high as $1.3 from the current levels.
Ethena Coin ($ENA) Shows Signs of a Bullish Breakout
A crypto analyst from ZAYK Charts has identified a falling wedge pattern in Ethena’s ($ENA) price action on the daily timeframe. The falling wedge is a bullish pattern that often signals an upcoming breakout to the upside.
According to the analyst, if the Ethena coin breaks out of this formation, it could see a strong rally with potential gains between 80% and 100%.
The analyst’s chart illustrates $ENA’s downtrend since its previous peak and shows the price consolidating within two downward-sloping trendlines.
However, recent price action suggests a bounce from the lower boundary, indicating growing bullish momentum. If the breakout occurs as predicted, it could attract more traders and investors looking to ride the next bullish wave.
Analyst Predicts $1.35 for Ethena Price
Apart from analyses indicating a falling wedge breakout, another crypto analyst has further reinforced the bullish outlook for Ethena ($ENA) by identifying strong support between $0.32 and $0.34.
Analyst Rose Premium Signals suggests this level could act as a launchpad for a potential rally. If this support holds, $ENA could confirm its reversal, aligning with the above-discussed breakout scenario.
The projected upside now appears more structured, with defined targets at $0.80, $1.08, and $1.35. These levels coincide with resistance areas observed in past price action, meaning a breakout from the wedge could drive $ENA toward these milestones.
The rounded-bottom formation on the weekly timeframe further suggests a longer-term bullish trend, reinforcing the potential for sustained growth. If the breakout gains traction, traders might witness momentum-driven moves pushing the price to these targets.
Despite the promising setup, traders will closely watch for a confirmed breakout before taking major positions. A strong breakout with volume would confirm the bullish thesis, while a rejection could mean further consolidation.
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