A bullish breakout has put ENA on track to head towards $1.2. The breakout is supported by a 63.42% increase in trading volume to $538.61 million and a 22.15% increase in Open Interest (OI) to $189.5 million at press time.
Ethena (ENA), recently broke out of a descending expanding wedge pattern on the daily chart, indicating a bullish reversal.
This technical pattern, characterized by diverging trend lines, often precedes price movements. According to analyst ZAYK Charts, ENA could now see a 100% – 120% increase, with the altcoin's target price possibly ranging between $0.85 and $1.
Source: X
A breakout from this pattern is a sign that buyers are regaining momentum, with higher trading volumes supporting the bullish outlook.
If ENA manages to sustain support above the previous resistance line, it could continue its upward trajectory towards its expected targets.
Technical indicators also seem to be showing bullish sentiment around Ethena, with the Ichimoku Cloud indicating an uptrend as ENA moves above the cloud.
Source: TradingView
Tenkan-sen line crossing Kijun-sen line supports short-term buying momentum, reinforcing ENA's upside potential.
Additionally, the Accumulation/Distribution line highlights a steady rally, indicating continued buying power from traders.