- ENA is forming a rounded base at key Weekly and Daily Fair Value Gaps, indicating strong technical support.
- This formation suggests potential bullish momentum, with price targeting the previous inefficiency near $0.80.
- A confirmed breakout could revisit historical liquidity zones, making $ENA a top altcoin to watch this week.
ENA Price is showing upward momentum after testing the support level. It may see a strong rally in the coming days against the overall market sentiment. Both traders and investors are closely watching this coin and expecting a successful breakout to recover the losses due to recent volatility.
ENA is currently trading at $0.3087 with a 24-hour trading volume of $210.61M and a market cap of $1.79B. The ENA price is hit by market volatility; its price over the last 24 hours is down by 3.78%, and over the last week it is down by 16.05% with the strong signals of a fresh reversal.
Source: CoinMarketCap
ENA Poised for Breakout Toward $0.80 Resistance
Moreover, a crypto analyst suggested that the native token of Ethena, ENA, quietly accumulates and catches the attention of technical analysts and traders. Recent chart patterns indicate that the coin completes a rounded clean base accumulation pattern right at the FVGs (Fair Value Gaps) of both weekly and daily timeframes, which could imply a sentiment change in the market.
This type of rounded base, especially when occurring at strong support levels like overlapping FVGs, often precedes a breakout. These fair value gaps, which represent previous inefficiencies in price action, have acted as magnets for price retracement and now appear to be offering structural support.
The thing that makes this setup so powerful is the clarity and convergence of FVGs across multi-timeframes; they not only validate this zone but also indicate that smart money might be recovered from this rally.
Source: X
If the bullish momentum remains and the base holds, analysts see a move upwards targeting the prior inefficiency close to the $0.80+ region. This level represents a key liquidity pocket and a previous price imbalance that the market has yet to fully revisit.
As the wider altcoin market appears to provide hints of a potential recovery, ENA may soon break out, creating an interesting setup for traders who try to catch high-probability reversals.
Related Reading: Toncoin (TON) Primed for Potential 40% Breakout: Analyst
