A long wedge pattern broke this week as ENA/BTC climbed from support with strong market confirmation.
Technical charts revealed rising RSI and momentum while price crossed 0.00000406 with tight spreads.
Volume jumped with the price as traders watched new support near 0.00000360 forming after the breakout.
In a notable market move, the $ENA/BTC trading pair surged by 33.99% over the week, breaking out from a descending wedge pattern. The strong rally, tracked on Binance’s weekly chart, has attracted significant interest from traders and analysts alike. With price action supported by bullish indicators, momentum may be shifting after months of decline.
Source: X Bullish Pattern Breakout Signals a Shift
The chart illustrates a clear breakout from a falling wedge, typically recognized as a bullish reversal signal in technical analysis. This movement coincided with a substantial increase in volume, further validating the breakout’s strength. Price rose from a low of 0.00000271 BTC to a high of 0.00000417 BTC, closing the week at 0.00000406 BTC.
The pattern had formed over several months, indicating long-term consolidation. Resistance trendlines drawn from earlier highs were breached, suggesting increasing bullish sentiment. This technical setup, combined with a confirmed volume spike, has sparked speculation about further upside potential in the near term.
Volume Profile Visible Range (VPVR) analysis showed a strong accumulation zone between 0.00000360 and 0.00000410 BTC. This confluence of volume with breakout levels could act as strong support if price retests. The sell and buy levels on the screen were 0.00000406 and 0.00000408 BTC, showing tight spreads and possible high liquidity zones.
Indicators Flash Bullish Momentum
The RSI (Relative Strength Index) near the top of the chart showed a bounce from oversold territory, often seen before upward momentum. A hand icon highlighted this RSI turn, which supports the bullish breakout thesis. RSI currently trends upward, nearing the mid-level zone of 50, often a key threshold between bearish and bullish conditions.
Stochastic RSI at the bottom also shows bullish crossover. This crossover occurred near the oversold level, indicating potential trend reversal. Both the %K and %D lines have turned upwards, which aligns with price movement.
These indicators combined with the breakout chart structure suggest a strong possibility of continued upside pressure. The price has now exited the lower boundary of the wedge, which historically precedes continued bullish trends. Traders often look for confirmation through weekly candle closes above resistance levels, which appears to have occurred.
A key question emerges: Is this the beginning of a sustained bullish cycle, or a short-term bounce in a broader downtrend?
Traders and Sentiment Boosted by Price Action
Social sentiment reflected positive engagement following the breakout. Twitter user @Michael_EWpro shared the chart, tagging the $ENA/$BTC pair, generating over 3,200 views and 13 retweets. Comments on the post showed retail investors expressing optimism and acknowledging consistent success from the trader’s analysis.
One reply by user @SummerMarla praised the consistent accuracy of the analyst’s calls, citing strong profits over time. Another user noted the precision of the timing in entering the trade, suggesting dollar-cost averaging had worked in their favor this time.
