Ethena Explodes 17% in 24 Hours: Is $0.70 in Sight?

Ethena Shatters Falling Wedge, Bulls Charge Ahead

Ethena has just rocketed over 17% in the last 24 hours, smashing through a stubborn falling wedge pattern and sparking a bullish frenzy that could propel prices towards a mind-blowing $0.70!

Bullish Breakout Confirmed: ENA Soars Past Key Moving Averages

Ethena (ENA) is absolutely crushing it, up over 17% in the past day and now trading at a sizzling $0.34. This epic surge kicked off after a crystal-clear breakout from a long-forming falling wedge pattern on Tuesday. A bullish marubozu candle blasted through the upper trendline, shoving the price above both the 20-day EMA and now challenging the 50-day SMA. The medium-term momentum? It's flipping like a pancake!

Momentum Indicators Scream Bullish: RSI and MACD Charge Forward

This breakout isn't just a fluke—it's backed by screaming momentum indicators. The RSI is climbing to a solid 55.84, and the MACD just pulled off a bullish crossover with the MACD line soaring above the signal line, and a green histogram is starting to form. It's like a green light on a race track!

Volatility Compression Sets Stage for Explosive Moves

The ATR is showing low volatility, which is often the calm before the storm. When volatility compresses like this, it tends to explode afterwards, meaning this breakout is primed for even more legs to run on!

Ethena's Surge Amid Broader Market Rebound

Ethena's wild ride is happening as the whole market rebounds. Bitcoin (BTC) is flirting with $95,000, and Ethereum (ETH) is inching towards $1800 as trade war worries cool down. It's like the perfect storm for crypto gains!

Resistance Ahead: Can ENA Break Through $0.45?

Looking ahead, the first major resistance is lurking around $0.45—a tough spot where ENA got rejected time and again in February and March. This level also lines up with the upper boundary of the falling wedge, so it's going to be a showdown!

Short-Term Target: $0.70-$0.72 in the Crosshairs

If ENA keeps this momentum going, a more aggressive short-term target based on the wedge's measured move is pointing straight at the $0.70–$0.72 range. Buckle up, because it's going to be a wild ride!

Bullish Outlook Hangs in the Balance

But don't get too comfy—this bullish outlook could go up in smoke if ENA can't hold above the $0.30 level where the breakout happened. If that goes south, and the RSI dips back below 50 with a bearish MACD crossover, the downtrend might just come roaring back.