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Ethena (ENA) Price Eyes 150% Surge as Bullish Retest Gains Momentum
The Ethena price is poised for a significant breakout, with the possibility of a whopping 150% surge in the coming weeks. This development comes as the ENA price retests its previous breakout zone between $0.37 and $0.45, a key level that could define its next major move.
Despite a multi-phase correction, the price action remains structurally bullish, with strong support holding after an extensive pullback. The recent accumulation of over 693,000 tokens in the past week highlights growing demand for ENA, thereby reinforcing the potential for a sustained upside move.
The retest’s significance lies not only in the price level but also in the strength of the support that has developed. ENA is now holding above a zone where it was previously rejected, transforming old resistance into a solid foundation. This setup often precedes a major breakout, and the current tight, steady range suggests resilience without excessive volatility.
Should the ENA price manage to close above $0.46, the next move could be swift, with the initial target set at $0.63. A continuous upward trajectory could then propel the price towards $1.00, a milestone that seems increasingly plausible given current trends.
Historical chart patterns indicate that Ethena’s price has commenced a strong recovery phase. Following its surge above the local resistance at $0.5 but failed to hold above it, triggering a correction. However, the 200-day MA is now serving as a solid support, and the MACD is hinting at a bearish crossover.
If ENA fails to defend the 200-day MA at $0.4279, the correction may intensify, indicating that securing this range is crucial for the rally to maintain its momentum and continue pushing towards higher prices.
Source: coinpedia.org
