Ethena (ENA): Bullish Fractal Formation for Rebound?$ENA

An upside potential of 90% if the fractal continues

If ENA can decisively break through the area of $0.70 (marked in blue), this would confirm the breakout from the neckline of this double-bottom fractal pattern. If the pattern continues like the movement of 2024, ENA may be on the verge of testing its previous resistance near $1.33, which would correspond to an increase of nearly 90% from current prices.

However, the fractal also suggests that a short-term correction may still occur before the breakout. A healthy recovery above the 200-day moving average would not question the formation, but rather adapt to the rhythm of the previous cycle. The 20-day moving average at around $0.48 provides good support for a recovery in the event of a short-term correction.