Ethena (ENA) has experienced a significant surge in price over the past week, with a 6.67% increase in the last 24 hours. The altcoin has shown strong upward momentum, moving from a low of $0.25 to a high of $0.35 within a day, and currently trading at $0.3342. On a weekly scale, ENA has gained 8.04%, despite a 3.54% decline on the monthly charts.
Analysts are optimistic about Ethena’s potential for further gains, with speculations of a breakout from an inverse head and shoulder pattern. Popular crypto analyst Ali Martinez believes that a breakout from this pattern could push the altcoin towards $0.39. Historical data shows that ENA has experienced significant gains after similar breakouts in the past.
Market sentiment towards Ethena is bullish, as indicated by a surge in futures buy volume and a negative altcoin Netflow. This suggests that buyers are actively accumulating the altcoin, leading to a rise in Aggregated Open Interest from $262 million to $278.2 million. The dominance of long positions in the market, reflected in a positive Funding Rate, further supports the case for continued price increases.
If current market conditions persist, Ethena is likely to break out of the inverse head and shoulders pattern, potentially reaching $0.37 and setting the stage for a move towards $0.39. However, a potential pullback to $0.30 could occur if the upward trend falters. Overall, ENA’s strong performance and positive market indicators point towards a promising outlook for investors in the coming days.
