Ethena surges 17% as Bullish Breakout Gains traction
Ethena (ENA) has seen a significant price increase of over 17% in the last 24 hours, currently trading at $0.34. This surge marks a decisive breakout from a prolonged falling wedge pattern, signaling a potential upward trend.
The bullish momentum was triggered on Tuesday when a strong marubozu candle broke through the upper trendline,pushing the price above the 20-day EMA. Today, the price is challenging the 50-day SMA, suggesting a shift in medium-term direction.
Technical indicators support this bullish outlook. The RSI has climbed to 55.84,while the MACD shows a bullish crossover,wiht the MACD line rising above the signal line and a green histogram forming. The ATR indicates low volatility, which often precedes significant price movements.
Ethena’s rise coincides with a broader market recovery. Bitcoin (BTC) is nearing $95,000, and Ethereum (ETH) is approaching $1800, as trade war concerns ease. Source: TradingView
Looking ahead, the first major resistance is around $0.45, a level where ENA faced rejection in February and March. A more ambitious short-term target is the $0.70–$0.72 range, based on the wedge’s measured move.
However, the bullish scenario could falter if ENA fails to stay above the $0.30 breakout level. A drop in RSI below 50 and a bearish MACD crossover could signal a return to the downtrend.
