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Ethena (ENA) Price Eyes 150% Surge as Bullish Retest Gains Momentum
The crypto market is witnessing a surge in the value of various assets, and one such cryptocurrency that has caught attention is Ethena (ENA). The digital asset’s price is currently testing a pivotal support zone, and a successful hold and breakout above $0.46 could validate targets of $1.
Recent developments indicate increased accumulation and strong support from recent protocol activity, reinforcing the potential for a sustained upside move. As the price action remains structurally bullish, with strong support holding after a multi-phase correction, it appears that Ethena (ENA) is poised for a major breakout in the coming weeks.
The cryptocurrency’s price has been steadily rising due to various factors, including but not limited to exchange outflows of over 693,000 tokens in the past week. This massive accumulation reflects strong buy demand and could potentially drive prices up significantly. Additionally, StableCoinX’s $5 million daily buyback program, set to continue for several weeks, adds consistent demand-side pressure.
Furthermore, open interest across futures markets is rising, indicating that speculative traders are positioning themselves for an upside move. Ethena’s total value locked (TVL) and protocol usage are also expanding, demonstrating real adoption and increased utility of the cryptocurrency. These factors collectively create a perfect storm that could drive ENA prices to unprecedented heights.
What makes this retest so significant is not just the price level but rather how strong the support has become. ENA is now holding above a zone where it was previously rejected, effectively turning old resistance into a solid base. This type of setup often precedes a big breakout, and given the current momentum, it seems like that might be exactly what we’re witnessing.
The cryptocurrency’s price action suggests it has begun with a strong recovery phase. The price had surged above the local resistance at $0.5 but failed to hold above the range, triggering a correction. Currently, the 200-day MA is acting as a strong support, and the MACD is hinting at the possibility of a bearish crossover. Therefore, if ENA fails to defend the 200-day MA at $0.4279, then the correction may go deeper.
However, considering the wider perspective, it appears that Ethena (ENA) price is experiencing a short-term pullback and hence, a rebound seems imminent. As such, securing $0.5 is crucial for the rally to keep up the bullish momentum, which could only trigger the price to surpass $1.
Source: coinpedia.org
