How High Can Ethena (ENA) Price Go This Month? Experts Weigh In!

ENA's price is catching eyes after breaking out of a pattern, according to market watchers.

Ethernas (ENA) price has been performing poorly in recent times, but according to market analysis from Captain Faibik, ENA might be showing signs of a potential reversal.

On the daily chart, ENA broke out of a falling wedge pattern, which is a bearish technical formation that occurs when price action slides to new lows but fails to slide to new highs, forming a series of lower highs and higher lows.

This pattern usually signals an impending reversal in the direction of the price trend, which in this case could lead to a 2x price jump if the momentum keeps going.

However, for this move to be realized, we’d need to see more people putting in bids for the token—in other words, higher trading volume.

If buying pressure increases, momentum could push ENA’s price toward its projected bullish target.

Ethernas Price Chart: A Closer Look

On the hourly timeframe, ENA has been making higher lows, forming a rising trendline that acts as support at the moment.

However, the $0.38 – $0.40 range has proven to be a strong resistance zone, with the price facing rejection at this level on multiple occasions.

According to AMCrypto, a breakout above $0.40 could trigger strong upward momentum, potentially pushing the price toward $0.42 – $0.45.

If ENA fails to break above this level, another retest of the ascending trendline is likely before any further attempt at breaking the crucial resistance is made.

Market sentiment remains focused on Ethereum’s performance, with the analyst suggesting that a strong ETH rally could fuel additional demand for ENA, increasing the chances of a successful breakout.

Furthermore, Ethena Labs recently introduced Converge, a settlement network designed to bridge traditional finance and digital assets.

The network will support USDe & USDtb, providing a seamless and secure infrastructure for transactions between TradFi and DeFi.

This development could bring more users to the ENA ecosystem, which might affect the token’s price.

Investors are closely watching to see if Ethernas can confirm this breakout and continue trending upwards.