Ethena (ENA) Surges 13% on Bullish Flag Breakout and Double Bottom Pattern

Ethena (ENA) has recently confirmed a bullish breakout from a flag pattern on the 4-hour chart, signaling strong momentum and positioning the token for a potential move toward a $1.50 price target [1]. The breakout aligns with broader technical and fundamental strengths, as well as a more favorable altcoin environment driven by shifting liquidity from Bitcoin [2]. Traders and analysts are closely watching the price action, particularly as ENA has gained over 13% in the last 24 hours and is currently trading near $0.70 [1].

The technical outlook for ENA is further supported by key chart patterns. A golden cross between the 50- and 200-day exponential moving averages (EMAs) indicates a positive shift in long-term momentum [1]. The Relative Strength Index (RSI) stands at 63.95, suggesting that the price still has room to rise. The Moving Average Convergence Divergence (MACD) and Accumulation/Distribution (AO) histograms also reinforce the upward trend [1]. Additionally, a double bottom pattern is emerging, with the price rebounding from a critical support level and now testing the neckline resistance near $0.70 [2]. A successful breakout of this resistance could confirm the pattern and set the stage for a move toward $1.00 [2].

Fundamentally, ENA is gaining strength from the growth of USDe, Ethena’s stablecoin. The supply of USDe is nearing $10 billion, following major integrations with decentralized finance (DeFi) platforms such as AAVE [1]. This expansion enhances the utility and adoption of the Ethena ecosystem, reinforcing investor confidence and the token’s role in the broader DeFi landscape. Furthermore, the company continues to purchase $5 million worth of ENA daily, which exerts sustained buy-side pressure and contributes to a favorable supply-demand imbalance [1].

Market analyst Ali Metinez has drawn attention to the bullish flag pattern, projecting a potential move toward $1.50 following the breakout [3]. While the formation typically signals a continuation pattern, the inherent volatility of the crypto market introduces uncertainty. Nevertheless, if the current momentum holds, the path to $1.50 becomes increasingly viable. A key near-term level to watch is the $0.70 resistance, which a successful breakout would represent a critical step toward the higher price target [3].

The broader altcoin market is also supportive of ENA’s trajectory. According to market observations, Bitcoin dominance has declined, channeling liquidity into alternative cryptocurrencies [2]. In this environment, ENA is well-positioned due to its strong presence in the stablecoin sector, a segment that continues to see robust institutional adoption [2]. The ETH treasury bid has also contributed to ongoing price stability and upward momentum, providing a structural floor for ENA’s price action [1].

As the market digests these developments, investors remain focused on the potential for continued gains. A confirmed breakout above key resistance levels could not only validate the technical signals but also open the door to retesting previous highs and setting new ones [1]. With both technical and fundamental factors aligning in ENA’s favor, the token appears well-positioned to capitalize on the ongoing crypto rally.

[1] [Ethena (ENA) Eyes $1.50 Target After Bullish Flag Breakout](https://www.tronweekly.com/ethena-ena-eyes-1-50-target-after-bullish-flag/)

[2] [Double Bottom Pattern Signals Bullish Shift](https://www.tradingview.com)

[3] [Ethena Rally May Push towards $1.50](https://twitter.com/AliMetinez/status/XXXXXX)