Ethena (ENA) is on the way to its positive price trajectory and experiencing a surge in its price with the overall market. Investors are closely watching the ENA to recover the losses from the recent prolonged volatility. If a successful breakout occurs it will lead to a maximum target around $1.39 area.
At the time of writing ENA is trading at $0.7336 with a 24-hour trading volume of $1.47 billion and a market capitalization of $5.06 billion. The ENA price over the last 24 hours is up 12.14%, and over the last week, it is also up by 10.13% and showing high potential for the next major rally.
Ethena (ENA) Eyes $1.39 Breakout Target
Moreover, the crypto analyst highlighted that in a classic demonstration of technical predictability, ENA is unfolding just as analysts have forecasted in the past. The price action has remained strictly to the dictated script, reinforcing belief in the chart configuration and trader mentality that has emerged over the last few weeks.
Now, the $ENA is poised in a key test above a primary resistance area, more familiarly referred to as the pink box. Traditionally, that level has served as a significant inflection point, and a clear breakout above would tend to provide the setup for the next push-up in the rally.
However, a retake of this area is a challenging row to hoe, at least in the larger market context. A successful breakout above here would catalyze the next push upward, with intraday upside destinations at $1.00-$1.05 and a significant extension level at $1.39. However, if ENA is unable to break through resistance, it would return to support at $0.55-$0.60.
Analysts advise both investors and traders to wait patiently until the price confidently tests and holds itself above this key region. Consolidation will likely last longer than some expect, but timing and positioning in crypto are just as vital as positioning.
