Ethena ($ENA) crypto skyrocketed over 20% on before consolidating at $0.44 as of press time.
The price rise came after the everlasting downtrend, which saw ENA pricing below $0.40 after its price exceeded $1.10 earlier this year.
The news hit amid broader market volatility. However, technical indicators have now spotted ENA picking up.
Data from the market suggests that ENA trading price is around $0.3830 following a high of $0.4113 from the previous trading period.
The capitalization in the market for Ethena stands at $1.21 Billion, and the 24-hour trading volume has decreased by 31.41%, down to $539.83 Million.
Although the recent price recovery has been good, ENA is still far from reaching its peak. This prompts doubts about whether the latest up move will be able to stand as it is.
TD Sequential Indicator Flashes a Buy Signal on the Weekly Chart
Technical analysis signals that ENA is arriving amid a critical breaking point. A buy signal has appeared on the weekly chart.
It is usually found at the end of flat aggressive downtrends, indicating that upward momentum could come into play.
This is an important one for the traders as the last time the indicator formed on the weekly timeframe, the price increase on ENA followed in the coming sessions.
The weekly chart has shown that ENA has had a persistent downtrend since mid-January. This is due to several lower highs and lower lows forming a bearish market structure.
But with the TD Sequential buy signal, the selling pressure is exhausted, which may increase the probability of an upward move.
Ethena (ENA) Crypto Technical Analysis and Price Prediction
From a technical perspective, Ethena crypto price action has touched a crucial support zone between $0.35–$0.38.
The daily chart shows that ENA has been caught in a descending parallel channel. It is making a bearish attempt to climb above the resistance trendline.
If a breakout happens successfully above $0.40, this would open the door to a run towards $0.50. This is where the next significant resistance is located.
Buying pressure is increasing, and ENA could take a shot at the $0.58 level it had both hit before. This is seen as the weekly TD Sequential buy signal.
On the flip side, failure for ENA to sustain the current support level could lead to a new round of selling, which might pull the pair down to the $0.30 level.
The daily chart’s Money Flow Index (MFI) sits at 42.50, and ENA seems nearing the oversold level. However, it hasn’t confirmed a reversal. Such a move above 50 on the MFI would further validate bullish momentum.
However, trading volume is going to be another critical variable to monitor. You could be fooled into a false rally without much volume if there is a breakout.
However, if there’s a lot of volume, it can lend credibility to the bullishness. Overall, the price action of ENA and TD Sequential’s buy signal indicate that a reversal may be around the corner.
Also, it is important to look out for price movement above $0.40 and voluminous trading volume as the price trend could flip from bearish to bullish.
If Ethena crypto keeps up with its momentum, it could further see gains in the short term as resistance at $0.50 and $0.58 is key to watch.
Source: https://www.thecoinrepublic.com/2025/03/07/ethena-crypto-pumps-to-0-41-as-indicators-suggest-more-gains-incoming/