Ethena (ENA) recently, suggesting potential upward momentum.
Ethena (ENA) has recently exhibited bullish trading patterns, suggesting potential upward momentum. Notably, the token has formed a cup-and-handle pattern, a technical indicator often associated with future price increases. Analysts have identified a key resistance level at $1.32; surpassing this could pave the way for a target price of $2.44, representing an approximate 85% gain.
Additionally, the Total Value Locked (TVL) in the Ethena protocol stands at $5.921 billion, mirroring patterns observed before significant price rallies in 2024. This stability in TVL, combined with the current technical formations, contributes to a positive outlook for ENA's price trajectory.
While these indicators are promising, it's essential to consider that the cryptocurrency market is highly volatile. Therefore, conducting thorough research and exercising caution is advisable when making investment decisions.