- Ethena (ENA) is gaining attention after reclaiming the $0.30 support level, signaling a potential bullish move.
- A analyst on X predicts a rally toward $0.45–$0.48, suggesting a possible 34–43% upside.
- Despite a 6.77% dip in the past 24 hours, ENA is holding above support, indicating buyer interest.
- Market pullback due to Bitcoin’s drop may delay momentum, but ENA remains poised for recovery once conditions improve.
Ethena (ENA), a synthetic dollar protocol built on Ethereum, gaining attention for its recent price action and potential for growth. A recent analysis shared on X by prominent crypto trader Scient has sparked optimism among ENA holders, predicting a significant upward move in the token’s price.
ENA Poised for the Next Leg Up
In a post the analyst shared a detailed chart of ENA’s price action on the 1-day timeframe, highlighting a critical technical setup. The chart shows ENA reclaiming a key 1-day support level around $0.30 after a deviation below this zone.
The token appears to be flipping this support on lower timeframes (LTFs), signaling a potential bullish continuation. “From here, I think we see the move towards $0.45–$0.48,” the analyst stated, adding that they are particularly interested in the correction expected after this rally.
The projected price target represents a potential upside of 34–43% from the token’s price at the time of the post.
Ethena Current Price and Market Trend
ENA is trading at approximately $0.3151, according to CoinMarketCap data. The token has experienced a 6.77% decline over the past 24 hours, reflecting short-term bearish pressure. Despite this dip, ENA has shown resilience and holding above its support level.
The reclaim of the 1-day support at $0.30, as highlighted by the analyst, indicates a potential shift in momentum. The flipping of this level on lower timeframes suggests buyer interest, setting the stage for a rally toward the $0.45–$0.48 range.
While the outlook appears bullish, ENA’s price history and market dynamics highlight inherent risks. The token’s recent 6.77% drop over the past 24 hours also underscores the volatility typical of altcoins.
Despite a short-term bearish trend the token is poised for upward movements. The overall market currently facing pullback triggered by Bitcoin decline below $95k. However, once the market become stable and BTC again starts its upward trajectory, ENA could start recovering and will point towards its predicted targets.
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