Ethena ($ENA) Breakout Alert: Can it Reach $1.30 Next?
- Ethena ($ENA ) is now trading at $0.45 with key support above $0.39, as technicals lean toward bullish momentum.
- The on-chain data shows a slight recovery in the active addresses and in transaction volume, pointing to renewed investor interest.
- Analysts eye a possible breakout at $1.30, which is also supported by open interest and improving market sentiments.
Ethena ($ENA ) is now trading at $0.45 with key support above $0.39, as technicals lean toward bullish momentum. The on-chain data shows a slight recovery in the active addresses and in transaction volume, pointing to renewed investor interest. Analysts eye a possible breakout at $1.30, which is also supported by open interest and improving market sentiments.
Ethena Consolidates At Key Support Levels
According to the data curated from TradingView chart, $ENA is trading around $0.45, keeping above the key support level near $0.39. The price is in a consolidation phase, MACD crossover, and the RSI is in stabilization at 44, suggesting a reversal might be on the way. If the coin breaks above the crucial $0.60–$0.61 at the resistance area. It will open a new door with a sharp rally to $1.30 target. A level at which many traders are cautiously waiting for a breakout.
On-Chain Data Signals Returning network engagement
Data from Santiment shows a pause in both active addresses’ transaction volume from September, with the broader market declines. The recent data reveals a gradual increase, signalling user engagement and transactions starting to recover. This rise often creates renewed confidence in traders for an upcoming accumulation phase.
Also Read: Ethena (ENA) Price Outlook: A strong Rebound Could Spark Hopes Toward $1
Open Interests are on Increase
According to the data curated from Coinglass, open interest in ENA futures has been increasing across all exchanges, showing the increased trading activity with leveraged positioning. Rising open interest, paired with the stable price, points to the new breakout build-up.
Breakout Alert: $ENA Eyes $1.30
The social sentiment for ENA has also improved. As the Analysts named Rekt Fencer points out in their recent tweet about the coin’s setup for a new bullish reversal. He notes that holding the momentum above the $0.61 resistance might be the key that confirms the next leg towards the new spot $1.30.
Analysing the whole price outlook, $ENA seems to be starting a recovery phase. It is supported by on-chain metrics and the increased trader interest. Even with the short-term volatility remaining, the combination of rising open interest and powerful technical signs is leaning towards a bullish trend. If the coin continues in its trend, moving towards the $1.30 target is realistic in the coming days.
