Ethena (ENA) is on the Way to Its Bullish Trend Reversal and Moving Towards Its Resistance Level

Ethena (ENA) is on the way to its bullish trend reversal and moving towards its resistance level around $0.95. It is forming a descending channel pattern

Ethernas (ENA) price is on the way to its bullish trend reversal and is heading towards its crucial resistance level, which is being seen at $0.95. The ENA token is currently forming a descending channel pattern, which is often seen as a sign of an upcoming breakout potential.

As Bitcoin (BTC) is seen trading above its key support level, which is impacting the crypto market, and traders are now looking for the next major rally in the market. Both traders and investors are closely following ENA and expecting its trend reversal.

At the time of writing, ENA is currently trading at $0.3568 with a 24-hour trading volume of $364M. The market cap of ENA is $2.17B. The price of ENA has increased by 8.96% in the last 24 hours, and the seven-day price trades in the green at 4.76%.

ENA Signals Bullish Breakout Toward $0.95

According to crypto analyst Jonathan Carter, ENA is a coin that has been gaining a lot of attention in the altcoin space. At present, it seems to be showing early signs of a potential bullish breakout. According to the daily time frame, the token has been consolidating in a descending channel, which is typically a sign of decreasing bearish pressure and a potential shift towards a bullish trend.

ENA is now testing the upper resistance of this channel, a level that has consistently blocked any upward price action since the beginning of its downward move. The retest of this resistance is of interest to technical traders because, typically, breakouts from descending channels lead to substantial price increases, especially when they are confirmed by increasing volume and price holding above the breakout level.

If ENA manages to break above this channel, analysts have identified several key upside price targets. The first major resistance is around $0.45, which is a short-term level and also coincides with a zone where support has flipped to resistance.

From there, further momentum could send prices to $0.63, another important level seen in the Fibonacci sequence, and then to $0.95, a psychological and structural area of resistance that could also serve as a long-term price target.

With the crypto market shifting from a cautious consolidation phase to a risk-on appetite, this coins chart structure is interesting to watch. Of course, in crypto, confirmation is key, so traders should wait for some strong technical signals before entering a long trade.