Ethena has ripped over 17% in the past 24 hours, breaking out of a long-standing falling wedge pattern and igniting bullish momentum that could send prices soaring toward $0.70.
Ethena (ENA) is up over 17% over the past 24 hours, currently trading at $0.34. Today’s surge comes after a clear breakout from a long-forming falling wedge pattern on Tuesday, with a bullish marubozu candle piercing the upper trendline and pushing price above both the 20-day EMA. Today’s candle is also challenging the 50-day SMA, indicating a shift in medium-term momentum.
This breakout is supported by momentum indicators, with the RSI climbing to 55.84 and the MACD printing a bullish crossover with the MACD line rising above the signal line and a green histogram beginning to form.
ATR shows low volatility, which often precedes big moves as volatility tends to expand after compressing, meaning the breakout is likely to print more legs.
Ethena’s surge comes amid a broader market rebound, with Bitcoin (BTC) nearing $95,000 and Ethereum (ETH) edging towards $1800 as trade war concerns cool.
Looking ahead, the first major resistance lies around $0.45—a key level where ENA was repeatedly rejected in February and March, and which also aligns with the upper boundary of the falling wedge.
A more aggressive short-term target, based on the measured move of the wedge, points to the $0.70–$0.72 range.
The bullish outlook would be invalidated if ENA fails to hold above the $0.30 level where the breakout occurred. If that happens alongside the RSI dropping back below 50 and a bearish MACD crossover, the downtrend is likely to resume.
