- Ethena (ENA) is showing signs of bullish momentum as it benefits from the broader altcoin rally driven by Bitcoin’s recent surge.
- A popular analyst has identified a potential double bottom pattern on the daily chart, indicating a possible trend reversal.
- A breakout above the key resistance level could confirm the pattern and trigger a sustained upward move in the short to mid-term.
Ethena (ENA) is on the way to its positive momentum and showing a surge in its price with the overall market after a period of market volatility triggered by macro factors. The recent increment in BTC’s price propels the altcoins rally to get a recovery from huge losses. ENA is one of the coins benefitting from the surge.
At the time of writing, Ethena is trading at $ 0.2861 with a 24-hour trading volume of $ 87.720M and a market cap of $ 1.58B. The ENA price has increased 3.76% in the last 24 hours, but over the last week its price has been hit by market volatility and is down by 8.57%.
Source: Coinmarketcap
Ethena Bullish Setup; Key Level at $0.33
A popular crypto analyst has highlighted ENA as one to watch on the daily chart, calling attention to the early stages of a double bottom developing, commonly identified as a W-reversal. The technical pattern is generally regarded as a good bullish indicator of a change in momentum after a downward trend.
The most important level to monitor is still the neckline area of $0.33, the current resistance. If ENA can break out above it and hold, it will corroborate the pattern and pave the way for a larger upside run. A break above would imply increasing bullishness and would be attractive for momentum players interested in longs.
Source: X
While the pattern continues to emerge, the analyst recommends keeping ENA on your watchlist for possible entry. A successful break of the $0.33 level could be the spark that ignites a sustained rally, making ENA a token worth paying attention to for the short- and mid-term.
Related Reading: Short-Term Bitcoin Holders Exit at Loss—Time to Buy Their Panic?
