Ethena (ENA) has captured trader attention, after confirming a falling wedge breakout on the 4-hour chart. According to the crypto analyst ZAYK Charts, the pattern, typically associated with weakening bearish momentum, formed during a prolonged consolidation phase.
Price compression and declining volatility hinted at seller exhaustion, with the eventual resistance breach signaling a potential shift toward renewed bullish sentiment ahead now.
Source: ZAYK Charts X Post
Following the breakout, analysts are projecting a possible 40–50% upward movement, with technical discussions centering on the $0.16 level. The outlook is based on measured-move projections and improving short-term structure.
However, traders remain cautious, emphasizing the need for volume confirmation and sustained momentum to validate the move within broader market uncertainty in coming sessions ahead.
Also Read:Ethena (ENA) Holds Key Support, Targets $0.129 Recovery
Ethena (ENA) Technicals Point to Shift in Momentum
According to TradingView, ENA shows a rebound after a significant fall, with the price rising from the low 0.10 region to the resistance at 0.114-0.118.
Despite the rebound, the overall picture is negative, with falling longer-term moving averages and the overhead trendline. This is a technically sensitive area, with the breakdown pressure having developed in the past.
Source: TradingView
This indicates that there is a change in the trend but not a reversal. The price is testing the Ichimoku cloud, which might be acting as a resistance.
The moving averages are turning up for better momentum. The longer-term moving averages continue to decline, indicating macro weakness. The price might continue to move up if buying continues. If it reverses, it might return to the support levels formed recently.
Momentum Indicators Support Bullish Reversal
The RSI (14) is in bullish territory in the mid-60s, indicating rising momentum without overbought conditions. The recent advance is a sign of increasing buying power following the last decline, and with the price above 50, it is a positive indication of rising momentum. However, with the token nearing 70, the pace could slow if buyers lose steam or if volatility increases.
Source: TradingView
The MACD (12, 26, 9) shows a decisive bullish crossover with the MACD line crossing above the signal line. The green bars on the histogram are expanding instead of contracting, indicating rising momentum rather than a weak recovery.
Both lines moving up from negative territory also indicate an improving trend. The expansion of the green bars indicates rising momentum, while contraction would be a sign of diminishing momentum in the future.
Also Read: Ethena (ENA) Price Could Climb to $0.129 if $0.108 Support Hold Strong
