Ethena (ENA) Defies Gravity at Critical Support: Is a $0.50 Surge Imminent?

Ethena's ENA token isn't just holding a line—it's holding its breath. The key support level has become a battleground, and the outcome could dictate the next major price swing.

The Technical Tightrope

Forget sideways action. This is consolidation under pressure, a coiled spring waiting for a catalyst. The market's watching to see if this level transforms from a floor into a launchpad.

The $0.50 Question

Momentum traders are eyeing the next resistance like a finish line. A clean break above current congestion opens a clear path toward the $0.50 target—a move that would signal a decisive shift in market structure and trader sentiment.

Beyond the Chart

Price action doesn't exist in a vacuum. It's fueled by protocol growth, staking yields, and that ever-elusive market narrative. The real test isn't just holding support; it's proving the underlying value proposition can attract capital in a market distracted by the next shiny object—or whatever the finance bros are calling 'asymmetric alpha' this week.

The setup is there. The levels are defined. Now, we see if ENA has the fuel for the climb, or if gravity—and a skeptical market—wins the day.

ENA Holds the $0.24 Support Zone

According to the data curated from TradingView, Ethena has been consolidating around the $0.24 price point, which historically has served as the point where the price will rebound after reaching that level. The price has been moving sideways while reducing greater levels of volatility due to what appears to be the tapering off or exhaustion of selling activity.

A breach of both the $0.28 and $0.31 resistance points could allow for the price to begin moving toward the target of $0.42, with the ultimate area of focus of $0.50.

MA And MACD Suggest a Slow Momentum Shift

The TradingView chart shows, ENA is currently trading below both the 50-day and 200-day moving averages ($0.35 and $0.46, clear indicators that ENA is operating in the larger context of falling prices (i.e., downtrend). It can be seen that there is a decline in the length of the MACD histogram, indicating a decline in the momentum to the downside.

If there is a crossover indicated in the MACD, this WOULD provide greater evidence for a subsequent rally toward the $0.50 target, as discussed.

Analyst Signal: ENA Could Hit $0.50

From Ali’s analysis, there appears to be support for ENA maintaining the support level at $0.24, which agrees with the previous charts and provides evidence for the potential of a bullish situation occurring, should ENA be able to retain that support level.

Ethena $ENA is back at support. Holding this level could set up a MOVE toward $0.50. pic.twitter.com/spH7M5fdy6

In conclusion, if ENA retains support at $0.24, it will allow for further movement in an upward direction through breaking through resistance at $0.31 and $0.35, thus resulting in movement toward the target price of $0.50.