- ENA has dropped 63.3% from its recent high, now trading at $0.44 amid market volatility.
- The Adam and Eve pattern suggests a possible reversal with a target of $1.2.
- A Falling Wedge breakout could trigger an 80-100% price surge.
- Key support levels at $0.40 and $0.33 may attract buyers.
Ethena (ENA) has been hit hard by recent market volatility, experiencing a significant decline in value. The broader crypto market downturn has weighed on Ethena, but despite the turbulence, the token has managed to hold key support levels, fueling speculation of an impending recovery.
Currently, Ethena is trading at $0.44, marking a steep 63.3% drop from its recent high of $1.2. However, technical indicators suggest that a bullish reversal could be in play.
Bullish Patterns Signal Potential Recovery For Ethena
Crypto analyst AMCrypto highlighted that ENA is showing strength, forming an Adam and Eve pattern, a well-known bullish reversal structure. This pattern suggests a possible price target of $1.2, indicating that a recovery may be underway.
“I think ENA reversal has started ,” noted AMCrypto, pointing to improving market conditions.
Meanwhile, ZAYK Charts identified a Falling Wedge Formation on the daily timeframe, another bullish pattern that historically leads to strong upward movements. According to the analysis, a confirmed breakout could trigger an 80-100% price surge.
Key Levels to Watch for ENA
For ENA to confirm a bullish breakout, it must break above the trendline resistance. A successful breakout could open the door for a strong rally, while rejection may push the price lower. Traders are closely monitoring key support zones at $0.40 and $0.33 for potential buying opportunities.
With technical indicators flashing bullish signals and strong support holding, all eyes are now on ENA’s next move. Will it reclaim lost ground and surge toward $1.2, or will further market uncertainty delay its recovery?
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