Ethena (ENA) Breakout Imminent, Weekly Target Holds Key $0.42 Level

• Ethena is currently trading at $0.3247, along with a market cap of $2.41 billion, and a daily Volume $920.09 million.
• ENA has been rejected at $0.5325, has broken the level of $0.369, now finding buyers around $0.30.
• A close above $0.40 every week could turn a reversal, pushing it to $0.455 -$ 0.50.

Ethena (ENA)  is showing signs of recovery after a recent pullback in price action. Currently, ENA is trading at $0.3247, registering a 2.12% increase in the past 24 hours. The market capitalization of the token stands at $2.41 billion, along with a high trading volume of $920.09 million, sustaining a market dominance of 0.07%.

Source: CoinGecko

ENA Faces Sharp Rejection Before Finding Key Support

According to Crypto TXG’s latest post, Ethena encountered a strong rejection at the $0.5325 resistance, which led to a notable price decline. The token has lost strength after multiple attempts to break higher, prompting a corrective phase that pushed its value downward.

Source: X

Following this decline, ENA was unable to maintain its position above the $0.369 support level, pushing the prices towards the $0.30 mark. At this level, renewed buying interest has started to appear, suggesting that buyers may be preparing for a potential rebound.

Also Read | Ethena (ENA) Approaches Key $0.20–$0.23 Buy Zone Before Possible Rally to $1.25

Weekly Candle Close Could Trigger Reversal

The daily chart points to steady selling, as another bearish candle has closed below $0.36. A level of rejection at the point of control on the daily chart has further strengthened the existing bearishness. The lack of strength from the bulls has indicated caution in the markets.

Furthermore, ENA could continue to slide before stabilizing around lower demand zones. The most important resistance levels are between $0.3100 and $0.300, while other levels could be $0.2600–$0.2500, as well as $0.2000–$0.2050.

Source: TradingView

The long-term prospects are subject to higher time frames. ENA remains below some significant resistance levels in the weekly as well as the monthly charts, specifically at $0.400, $0.4550, and $0.500. Experts note that a weekly candle close above $0.400 with a strong weekly candle close could indicate the start of a possible reversal. 

Also Read | SUI Momentum Builds: Price Hints $20 Parabolic Rally