The crypto market remains unstable, but a specific asset is gaining attention: Ethena (ENA). After a brutal 65% correction over the last two months, the token may finally be on the path to recovery.
Despite Bitcoin's (BTC) 2% drop, investors are focused on the White House Crypto Summit, which could bring greater regulatory clarity and boost the market. Amid this uncertainty, ENA has recorded significant gains, reigniting traders' hopes.
Does the reversal pattern indicate a rise?
According to the analysis by expert @ZaykCharts, the daily chart of $ENA is forming a descending wedge pattern, a classic signal of a bullish reversal. This pattern began to develop after the rejection at the $1.31 peak in January, leading the price to a recent low of $0.33 on March 4.
Now, the token is trying to break this technical setup, reaching $0.40. If the resistance is surpassed with a confirmed breakout, the projection points to a possible rally of 100%, bringing $ENA to the range of $0.90–$1.00.
What to expect in the coming days?
A breakout of the resistance could trigger the price and bring back optimism to the market;
If it fails, ENA may enter consolidation or even test lows again;
The White House Crypto Summit may bring regulatory news that directly impacts the recovery of the sector.
Time to keep an eye out!
The $ENA is at a decisive moment, and a successful breakout could represent a great opportunity for traders. However, the market still presents risks, so it is essential to monitor the upcoming movements.
Do you believe that ENA will break out and shoot up? Share your opinion below! 👇
Source: CoinsProbe
Warning: This content is not an investment recommendation. Conduct your own research and stay well-informed before making any decisions.
