Ethena (ENA) Price Primed for Bullish Breakout: Will ENA Cross Key Resistance?

Top analyst Crypto-ROD has highlighted the development of a promising bottom structure in ENA's price, suggesting a possible breakout if key levels are breached.

Top crypto analyst Crypto-ROD has highlighted promising bottom structure development in ENA’s price, hinting at a possible breakout scenario if key levels are breached.

As Ethena's (ENA) price movements consolidate at critical points, traders are closely observing the formation of a potentially bullish pattern on the charts. With a 7.67% gain today, ENA's price movements are attracting attention.

Double Bottom Pattern Insinuates Potential Reversal in ENA's Movement

Observing the ENA price chart, one can notice the formation of a classic double bottom pattern, a technical setup that is often interpreted as a bullish reversal signal. This pattern has been unfolding over recent weeks, displaying two distinct dips that together create a “W” shape.

Each time, the price has found support around the $0.28 to $0.30 range, establishing this zone as a robust level of support.

Moreover, the formation of a higher low at the current level is also noteworthy. This pattern suggests that buyers are entering the market earlier, which could indicate growing confidence in a potential upward trend. If the ENA price manages to hold and push higher from here, it would further validate the double bottom structure and bolster bullish sentiment.

$ENA Nice bottom structure on the making here

Looking for a higher low at this level again 🧐 pic.twitter.com/CxtIla9onK

Key Levels Poised for Breakout Confirmation

A significant horizontal resistance level is present near $0.42, which has not yet been breached despite several attempts. Traders are observing this level as a key hurdle, anticipating a breakout scenario if the price can close above it.

Highlighting the scenario, Crypto-ROD is looking for a higher low here again, which is vital for confirming this bottom structure and setting the foundation for a potential rise from this level.

The analyst is keeping a watchful eye on the “nice bottom structure” in the making, using the term “higher low” to denote their anticipation of confirmation in this bullish reversal at the current price point. If the resistance at $0.42 is overcome, analysts anticipate a strong upward movement, a scenario typically associated with successful double bottom breakouts.

Also Read: Chart Patterns Suggest SUI Price Could Move Higher – Key Levels To Watch

Additionally, support around $0.28 to $0.30 has been observed to be holding up well, with the price bouncing back up from this zone multiple times. This area forms the base of the double bottom pattern, and any retest of these levels could attract buying interest. Should the price drop, maintaining support here will be crucial to sustaining the bullish setup.

The trend lines on the ENA chart also highlight a series of curved arcs beneath the recent price movements, suggesting a gradual formation of a rounding bottom. This visual cue aligns with the idea of a growing base for potential upward momentum. As long as ENA’s price remains above these support levels, traders will likely be viewing dips as buying opportunities.

Finally, the technical analysis and the sentiment from Crypto-ROD indicate a positive outlook for ENA. The anticipation centers around confirming the higher low and testing the resistance near $0.42. Successful movement beyond this resistance would open the door for more gains, drawing attention to possible target zones above $0.50.

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