Ethena Price Forecast: ENA Could Surge to $0.38 After Falling Wedge Formation
Ethena's ENA token shows classic breakout signs—a falling wedge pattern points toward a potential surge to $0.38.
The Technical Setup
Chart watchers spot the formation—a narrowing price range with lower highs and lower lows. It's the textbook prelude to a bullish reversal. The pattern's completion hinges on a decisive break above the upper trendline, with the $0.38 target derived directly from the wedge's height.
Market Mechanics at Play
Falling wedges signal exhaustion. Sellers lose momentum, allowing buyers to step in and force a breakout. Volume confirms the move—a spike on the breakout validates the pattern, while low volume suggests a false signal. It's pure price action, no fundamental analysis required—much to the chagrin of traditional analysts who still think crypto moves on earnings reports.
The Road Ahead
Reaching $0.38 requires sustained buying pressure. Key resistance levels must break, support must hold. Failure to break higher could see the pattern fail, sending ENA back into consolidation—because in crypto, even the most promising charts can get rug-pulled by broader market sentiment.
Watch the breakout. Trade the confirmation. Or just HODL and hope the pattern plays out—after all, technical analysis in crypto is sometimes just astrology for finance bros.
ENA Approaches Key Falling Wedge Breakout
However, the crypto analyst, Captain Faibik, revealed that ENA continues to receive significant market interest; its price continues to tighten inside a falling wedge pattern. A falling wedge pattern is usually associated with bullish trend reversals. The market is observing increasing balance, as indicated by the continuously shrinking range. Market players are waiting for a breakout on the upper trend line.
Source: Captain Faibik
The $0.38 level remains an important resistance area for ENA and one that traders and investors should keep their attention focused on. Breaking past an important resistance level, particularly accompanied by an appreciable rise in trading activity, may help solidify that a change in momentum is underway. This in turn may help encourage additional buying activity.
ENA Eyes Short-Term Recovery Momentum
From the technical perspective, the current price is at $0.212, firmly above the $0.20-$0.205 support level, which has been a strong demand zone. Price is back above the 20 SMA, indicating a possible change in momentum to the bullish side. The resistance levels are at $0.222-$0.225, and a breakout could MOVE the price towards $0.24-$0.26.
Source: TradingView
It can be observed that the RSI close to 59 indicates substantial buying power with room to move further upwards. The positive buy signal sustains the ongoing reversal in prices, provided that the price sticks above the major support level. It can thus be concluded that ENA continues to have an outlook that is positive in the short term, although a breach above the major resistance is essential to justify the ongoing trend, or else temporary consolidation might happen.
Also Read: Ethena (ENA) Price Targets $0.80 as Arthur Hayes Buys 1.22 Million Tokens
