Ethena (ENA) Holds $0.30 Support, Eyes 40% Upside
Key Takeaways
- Ethena (ENA) is holding the key support level at $0.30 USD.
- A rise to $0.48 USD could yield up to 40% in gains.
- Technical indicators are showing early signs of a potential recovery.
- Market data suggests increased accumulation despite weak spot demand.
Current Market Situation for Ethena (ENA)
Following a decline of around 20%, the price of Ethena (ENA) has stabilized at approximately $0.30 USD. This zone is technically significant as it represents both the lower boundary of a price channel and a so-called “bullish order block” (a zone of high buying activity). If this support holds, short-term price targets of $0.34 and $0.38 USD are realistic—representing potential gains of 13% to 27%.
A breakout above the upper boundary of the channel could push the price to $0.44 or even $0.48 USD, implying an upside potential of up to 40%. However, if the price falls below the $0.28 USD mark, the bullish scenario would be invalidated.
Technical Analysis: What the Charts Are Saying
The 12-hour chart shows a clear structure: the price is moving within an ascending channel. The current consolidation at $0.30 USD coincides with an area that historically saw increased buying activity—indicating a possible trend reversal.
Additionally, the volume profile (Cumulative Volume Delta, or CVD) recently showed a surge in spot market demand, which has since declined. A renewed increase in spot demand could serve as a signal for a sustainable rebound.
On-Chain Data: Accumulation Is Increasing
Data from Santiment shows that the number of active wallets has increased over the past few days—despite falling prices. At the same time, the amount of ENA tokens on centralized exchanges has decreased. This suggests that many investors have withdrawn their coins from trading platforms, indicating a longer-term holding intention.
This development points to an accumulation phase. If this trend continues, the likelihood of a price recovery increases.
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What You Should Watch as a Trader
If you’re considering investing in or trading ENA, you should keep the following points in mind:
- The support level at $0.30 USD is critical. A break below it could lead to further losses.
- A rise above $0.34 USD would confirm the bullish scenario.
- Monitor spot demand: an increase could support a rebound.
- On-chain data such as wallet activity and token movements provide additional insights.
Our Assessment
Ethena (ENA) is at a critical juncture. The technical structure and on-chain data point to a potential recovery. In the short term, traders could benefit from a move towards $0.34 or $0.38 USD. A sustained breakout above $0.38 USD would unlock the potential for a rise to $0.48 USD.
However, spot demand is currently still weak. Without a clear trend confirmation, the risk remains elevated. Investors should closely monitor whether the $0.30 USD support holds and whether market demand starts to pick up again.
Sources
- TradingView
- Santiment
- Coinalyze
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