Ethena (ENA) is gaining attention as bulls defend the critical $0.70 support zone, raising questions about whether Ethena crypto can push beyond the highly anticipated $1 mark.
Despite a recent dip in trading activity, the token has shown resilience around this level, signaling cautious optimism among traders. With technical indicators hinting at bullish potential, market participants are closely watching whether ENA can sustain momentum and stage a breakout.
Technical Indicators Suggest Potential Breakout
Market analysts highlight that Ethena is currently forming an ascending triangle pattern, with resistance at $0.80 and a series of higher lows providing underlying strength. “If ENA stays above its rising trendline, a break beyond $0.80 appears likely,” noted Alpha Crypto Signal, suggesting targets around $0.95 and the much-anticipated $1 level.
$ENA is forming an ascending triangle, with a breakout above $0.80 potentially targeting $0.95–$1.00, while losing trendline support could send it back to $0.68. Source: Alpha Crypto Signal via X
Still, traders remain aware of downside risks. A failure to hold the current structure could see ENA revisit the $0.68 zone. As one chart shared by StefanB (@Stefan_B_Trades) on X shows, support around $0.7552 has already been tested, with selling pressure evident in red volume bars.
RSI Neutral, MACD Leaning Bullish
The Relative Strength Index (RSI) for Ethena stands at 53.9, signaling a neutral stance. This leaves the door open for moves in either direction, depending on broader market sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates building momentum. The MACD line sits above the signal line at 0.0315 versus 0.0294, hinting at sustained buying interest.
$ENA Long Update: Soon it may be time to bid, with the next rally eyeing $1 per coin. Source: OliverSuccess on TradingView
Positive histogram bars further support this outlook, suggesting that bulls may have the upper hand if volumes return. For traders tracking Ethena stablecoin dynamics within the broader ecosystem, these indicators may reinforce confidence in ENA’s next move.
Market Sentiment Remains Mixed
Data from CoinGlass shows that open interest dropped 3.35% to $1.68 billion, while overall trading volume decreased 6.18% to $2.04 billion. Funding rates remain stable, pointing to relatively balanced sentiment among long and short traders.
The decline in trading activity suggests that investors are in a wait-and-see mode. Global developments, such as Pakistan’s PVARA inviting international firms to participate in its financial sector, may also influence investor appetite for riskier digital assets like Ethena.
Can Ethena Push Beyond $1?
Despite recent downtrend selling pressure, Ethena crypto is holding firm at critical support levels. All experts agree that staying above $0.70 is critical for a continued rally. A clean breakout above $0.80 would put ENA on the path to test $0.95 and ultimately test the $1 psychological level.
Ethena (ENA) was trading at around $0.75, up 0.72% in the last 24 hours at press time. Source: Brave New Coin
For the moment, traders are closely watching. As the market continues to digest global regulatory signals and technical patterns, Ethena’s ability to defend its support zone will likely determine whether bulls have the strength to take the token higher.
