What to know:
- Ethena (ENA) price surges 45% as bulls break above a long-term descending trendline and strengthen the market structure.
- ENA price targets $0.361 after reclaiming key resistance, with potential upside toward $0.199 and $0.277 first.
- 170 million ENA tokens gained $9.59 million in value after their transfer between Ethena and FalconX.
Ethena (ENA) is gaining bullish momentum after breaking above a long-term descending trendline and strengthening its market structure. Reduced selling pressure and rising token valuations support the recovery outlook, while sustained buying could drive ENA higher if key resistance is cleared and support remains intact.
At the time of writing, ENA is trading at $0.1427 with a 24-hour trading volume of $1 billion and a market capitalization of $1.4 billion. Following the 45.35% gain over the last 24 hours, the ENA price structure and whale activity point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Ethena Price Eyes $0.087 Breakout After FalconX Partnership
Ethena Price Eyes $0.361 as Bulls Gain Control
According to the crypto analyst The Boss, Ethena (ENA) is showing renewed bullish momentum after breaking above a prolonged descending trendline and establishing a stronger structure above key support.
After months of consolidation and accumulation, buyers have pushed ENA higher toward the first major resistance near $0.139. The breakout suggests weakening selling pressure and raises expectations for further upside if momentum continues.
Source: The Boss’ X Post
At this juncture, $0.139 becomes the critical resistance to clear for an ENA recovery move. This could set off a move towards $0.199, $0.277, and finally $0.361.
Failure here would send the price back to test the breakout level before attempting a new push higher. With support still intact, ENA’s overall technical picture becomes ever more bullish.
Ethena’s ENA Transfer Records $9.59M Gain
The data from Lookonchain further highlighted that Ethena shifted tokens valued at 170 million ENA, equal to $14.09 million, to FalconX three days back.
The very same tokens have been shifted back to Ethena with a value amounting to nearly $23.68 million. This is a testament to the rapid rise in the value of ENA in the market, with an appreciation of $9.59 million or 68%.
Source: Lookonchain’s X Post
This does not imply that Ethena made a $9.59 million profit because the transfer of tokens took place without the sale confirmation.
This increased value is due to the rise in the value of ENA tokens during the period. Such a significant amount being returned can attract interest in how well Ethena manages its treasury and liquidity strategy.
Following the bullish price predictions and whale activity, the ENA price is moving in an upward direction. This move is also backed by the improving momentum in the crypto market, as the BTC price has started to move upward with strong potential.
What Happens Next?
For Ethena (ENA) to validate the bullish reversal, it must sustain its breakout level and buying pressure. If there is success in testing, ENA could head for $0.199, $0.277, and finally $0.361.
However, failure at the resistance level could lead to a drop down to support levels before a subsequent breakout.
Also Read: Ethena Price Holds $0.081 Support as ENA Eyes Potential Channel Breakout
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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