ENA price rose 18.9% in 24 hours, reaching $0.7304 after a breakout and 66%+ rally from prior lows.
Support stands at $0.613, with resistance at $0.7327 as the existing short-term trading range.
Increasing number of trades confirms market engagement, which makes the breakout more robust upon successful retesting.
Ethena (ENA) upheld its strength, recording great increases in the last 24 hours. The token's value at the moment was $0.7304, an increase of 18.9% within the last 24 hours. Its volume of trade relative to the major currencies is also very solid, trading 0.056223 BTC, an increase of 18.1%, and 0.0001742 ETH, an increase of 10.4%. The sharp rally follows a decisive breakout from a previous consolidation zone, supported by sustained buying pressure.
ENA Holds Breakout Structure Within Tight Trading Range
Recent trading activity has been characterized by a sharp rise that drove ENA more than 66% above previous lows. The rally was initiated following a breakout of a well-defined resistance zone, and it resulted in a prolonged move. Its immediate support level is at $0.613 that has worn strongly against small retraces, offering a foundation towards continued upward momentum. Remarkably, price action has since turned up at this support since the breakout, indicating its importance on a short-term basis.
Source : ( X )
The next immediate resistance will be at $0.7327. Price reached this level several times in the past 24 hours, which indicates the presence of active buyers and sellers. The intraday charts show that there has been a limited range of price movement following the support base at $0.613 and the resistance level at $0.7327.
Market players paying attention to short-term direction are likely to keep an eye on this range. The ability to keep trade above the breakout zone has influenced the maintenance of the existing upward structure.
ENA Maintains Breakout Momentum with Volume Supporting Uptrend Structure
The recent 66%+ rally has been accompanied by increased volume, confirming elevated interest from traders during the uptrend. This growth in trade strengthens the importance of the current migration. The breakout was followed by a measured pull back to a successful retest of the former resistance zone currently turning into support previously in the session.
The bullish trend upwards since the same retest point indicates that the breakout formation still holds. Current trading conditions place ENA close to its highest levels in recent months, while technical markers remain clearly defined for near-term tracking.
