A bullish pennant was created by Ethena [ENA] close to the $0.38 resistance after a string of higher lows and decreasing volatility. Usually forming after a prolonged comeback, this price structure comes before a breakout.
However, short-term positive forecasts were called into question by a sharp 9.54% decline to $0.3525.
Although the price is still above important support, the momentum is halting. A catalyst might be needed by the market to validate a breakout above $0.40.
