Ethena ($ENA) Double Bottom Forms: Can It Rally to $0.90–$1?

Ethena (ENA) gained renewed attention as the token moved back into a demand zone that traders consider essential for directional clarity. Analysts pointed out the existence of structural signals which were able to influence short-term expectations. Market concentration enhanced as ENA kept contracting along its trading range.

As of press time, ENA is trading at $0.2165, and it has fallen by 2.54% in the past day. The trading volume fell by 8.47%, with a market capitalization of $1.72 billion. ENA has also declined 6.91% over the past seven days, and the price remains in a long-term support zone.

Source: CoinMarketCap

ENA Holds Steady in Key Accumulation Zone

Analyst Crypto Patel highlighted that Ethena (ENA) is continuing to trade in the $0.20-0.18 accumulation zone, an area that has continued to record a consistent influx of buyer activity. He observed that the retests of this region have consistently given a strong response, indicating that demand is still alive amidst a wider upturn.

Patel noted that the price structure at ENA is contracting, where lower highs are being constructed under a depreciating trendline. This trend is a sign of restrained demand instead of chaotic selling. In his view, the frequently repeated defences in support show that purchasers and sellers are in a steady position, while sellers are weakening.

He defined reference levels among traders. The support band is pegged at $0.20-0.18, and the subsequent upside targets are $0.63, $1.50 and $3, depending on the current structure. Patel also noted that this arrangement is nullified in case ENA moves below $0.18 because this would reverse the short-term picture to reflect accumulation into further downside risks.

Source: X

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Additionally, Whales Crypto Trading, another analyst, mentioned a double-bottom pattern on the daily chart. He explained that the formation can be a sign of a reversal in case momentum is increased. If the pattern confirms, the token could attempt a $1 move. He considers the situation through the structural pattern and volume consistency.

Source: X

Market Activity Rises as RSI Signals Soft but Stable Conditions

According to CoinGlass data, the ENA trading volume increased by 2.10% to $385.32 million. Open interest grew 0.94% to $355.28 million. The OI-weighted funding rate stands at 0.0022%, which is slightly positive.

Source: CoinGlass

The Relative Strength Index (RSI) stands at 43.81, putting ENA in a slightly weak position. The 49.89 signal line can be considered a neutral position in the existing momentum. Both readings indicate mild action rather than any exception of sentiment.

The Moving Average Convergence Divergence (MACD) line is placed at the position of -.0027, indicating weak momentum in the trend. The signal line at -0.0017 continues to be pessimistic. The histogram figure of -0.010 confirms the perception that strength is weak.

Source: TradingView

The traders now concentrate on the range of accumulation. Short-term direction will be determined by the next reaction in the support. Cryptocurrency is within a narrow framework, where volatility is minimal. There could be a wider shift when participation becomes stronger.

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