Ethena has been gearing up for a strong move for the past several months, and the latest rise has helped the token to achieve its target.
Ethena (ENA) has been preparing for a strong move for the past several months, and the latest rise has helped the token achieve its target. The total value locked (TVL) spiked heavily since the last trading day, while the price is also holding strongly above the gains. This suggests the range around $0.42 to $0.44 has become a strong support range with a potential for a significant pump.
The ENA price was at its peak at the start of the year. In the times when the token was expected to rise above the current highs close to $1.5, the price faced an 80% pullback to form lows around $0.255. However, the latest rebound that came after a prolonged consolidation between $0.35 and $0.25 hints towards the resurgence of bullish dominance over the token. Moreover, the token is about to repeat the previous pattern and hence displays the possibility of a 200% rise in the next few months.
During the previous breakout, the price formed an inverse head and shoulder pattern and broke above the neckline. Currently, the price has broken above the falling wedge and is experiencing a small retest following the breakout. The MACD shows a rise in the buying volume while the levels have just entered the positive range for the first time since the start of the year. This suggests a major price action could be fast approaching.
The price has pulled back slightly from the 50-day MA ever since Ethena broke above the pattern, suggesting the token has entered a bullish range. With the technicians in place, the price is expected to maintain a healthy ascending trend, forming consecutive higher highs and lows to reach the resistance zone between $0.52 and $0.54. Once the ENA price rises above the range, the possibility of a Golden Cross could be higher.
Hence, the Ethena price is displaying huge bullish momentum and is believed to maintain a healthy upswing beyond $1 by the end of Q2, 2025.
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