Key Insights
- ENA could surge to 150% if it maintains a breakout above $0.46.
- Long-term holders and the $5 million daily buyback program from Stablecoin X support the ongoing upward momentum.
- Technical indicators show strength, but price must hold above the 200-day MA to continue upwards.
Ethena (ENA) price was recently rejected from the $0.59 price level and appears to be in a free fall. However, the cryptocurrency shows strong signs of an incoming rebound, and traders are watching closely.
The token is currently hovering near resistance at $0.46. Also, a maintained move above that point could kickstart a significant rally.
The charts show that a rebound from this price level could push the price toward $1.00. It could mark a massive 150% upsurge from its recent levels.
Ethena (ENA) Price Breakout Levels in Focus
The current Ethena (ENA) price support zone between $0.37 and $0.45 has become a critical trading area. This range has acted as resistance in the past. However, it is now holding firm as support.
This is a positive sign for bullish traders. It is because a rebound from this price level would be the first sign that the bulls are back in action. Such a rebound would confirm bullish dominance and drive the Ethena (ENA) price toward $0.63 in the near term.
Analysts believe the next big target is $1.00 if buying volume increases further. This is a huge move from current prices. However, the setup indicates it is within reach if the bullish dominance continues.
Technical Indicators Show Strong Support for Ethena (ENA) Price
From a technical analysis point of view, Ethena (ENA) price stands on solid ground. The 200-day moving average now sits near $0.4279.
According to the charts, this dynamic resistance is holding as firm support. This is important because if prices stay above this, the bullish structure will remain valid.
MACD indicators have been mixed. While a bearish crossover appears to be forming on the daily charts, the setup still appears strongly bullish. The chart shows a double bottom pattern around the $0.30 to $0.35 region. It’s a common reversal signal in technical analysis.
After clearing resistance at $0.45, the token printed a strong bullish candle. It is trading just under $0.50. Also, the Ethena (ENA) price has flipped former resistance levels into support. This new structure could pave the way for a steady climb toward $0.80 and beyond.
Buybacks and Token Accumulation Boost Market Confidence
Behind the scenes, powerful forces are at play because StablecoinX is conducting $5 million in daily buybacks. This serves as another source of constant upward pressure on ENA’s price. It also shows long-term confidence in the asset.
In addition, recent on-chain data shows over 693,000 tokens flowing out of exchanges in the last week alone. That indicates that investors accumulate ENA for the long term rather than trade for short-term gains.
Futures market data supports the bullish case, too. Open interest is rising, which indicates traders are preparing for higher prices.
In addition, StablecoinX is set to become the first public company to build a treasury around ENA. The company, soon to trade under the ticker “USDE”, has raised $360 million in funding.
This move shows a rising interest in altcoins with real-world DeFi use. It gives Ethena more credibility as a serious player in the crypto space.
What if Ethena (ENA) Price Fails to Hold Support?
Despite the bullish indicators, traders need to watch for signs of weakness. ENA may fail to stay above the 200-day moving average or drop below $0.45 again. This could be primed for a short-term pullback.
The MACD indicates that there is still some room for downside if the trend fades. Ethenna (ENA) price has previously struggled to hold levels above $0.50.
Also, a failed breakout could lead to a return to the $0.40 range. For now, though, the structure remains bullish, especially if volume stays strong.
