ENA Bounces at $0.50, Is a Breakout Imminent?

Key Insights:

• ENA holds strong above $0.50, signaling renewed buying interest at key technical support.
• Traders target the $0.75 sell zone, watching closely for breakout above the falling channel resistance line.
• Staged buying strategy active, with 40% allocated near $0.55 and 60% reserved for lower support.

Ethena’s token, $ENA, has shown signs of stability after holding the $0.50 level. The price was currently around $0.59, following a brief dip to $0.5662. Over the last 24 hours, it has moved up by 3%, and over the past week, it has climbed 8%.

The $0.50 area is not just a round number; it’s also where the lower trendline of a falling channel meets the horizontal support. This zone has caught buyers’ attention, leading to a short-term bounce. Charts suggest this is an area where market participants are beginning to accumulate positions again.

Layered Buying Strategy Gains Attention

Technical traders are approaching this range with a staged buying method. A key support zone between $0.5481 and $0.5736 has been identified on charts, often referred to as the “first zone” for entries. The reaction here has been steady, with price consolidating without sharp moves down.

Below that, another support band between $0.4726 and $0.4381 is also in view. This area has previously shown strong activity, with a high number of past orders clustering around it. A strategy shared by one trader suggests placing around 40% of a position near current prices and holding the rest in reserve for the lower zone if tested.

Resistance Builds at $0.75 Range

If the price continues to hold above the current support, attention may shift toward the top of the falling channel. This area falls near $0.75, where prior sell pressure was seen. A break above this zone could change the structure, but for now, it’s viewed as a level where risk may need to be managed.

The $0.7514 mark is now seen as a target by traders who entered lower. Past reactions near this price suggest that market orders tend to slow down or reverse near that area, creating a possible ceiling if momentum fades.

Focus on Price Structure as Volume Holds

Market activity remains high, with daily trading volume over $483 million. The current structure remains within the falling channel, but the bounce at $0.50 has shifted focus. If price continues to build above support, there is room for a move toward higher resistance levels.

“Whether this move holds or fades is something to watch,” one trader noted in discussion. With fundamentals described as stable and recent financials reported as strong, market watchers are keeping a close eye on price action in the days ahead.