Rally

bullish

Elite

Ethena

Gains

<p>Ethena (ENA) has recently shown promising signs of strength after months of downward price action. Per CoinMarketCap’s data, <a href="https://captainaltcoin.com/why-is-ethena-ena-price-up/" target="_blank" rel="noopener noreferrer nofollow">Ethena’s (ENA) price</a> is the top gainer today in the market, as it saw a 24.59% pump. Its trading volume also saw a 135.35% increase, which means there is a higher interest and activity surrounding ENA.</p>
<p>Crypto analysts ZAYK Charts and Alain Arends shared their insights, suggesting the token could be on the verge of a bullish rally. With a breakout confirmed, these analysts see the potential for substantial gains in the coming months.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/how-much-could-kaspa-kas-and-sui-tokens-be-worth-at-the-end-of-the-bull-run/" target="_blank" rel="noopener noreferrer nofollow">How Much Could Kaspa (KAS) and SUI Tokens Be Worth at the End of the Bull Run?</a></em></strong></p>
<h2 class="wp-block-heading" id="ethena-ena-chart-analysis-bullish-breakout-from-descending-broadening-wedge">Ethena (ENA) Chart Analysis: Bullish Breakout from Descending Broadening Wedge</h2>
<p>The ENA chart reveals a declining broadening wedge pattern, as noted by ZAYK Charts in a tweet. This formation, typically a bullish reversal signal, contained ENA’s price for several months.&nbsp;</p>
<p>According to ZAYK Charts, a breakout above the upper trendline of this pattern could lead to a 100-120% bullish wave.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="492" src="https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-1024x492.png" alt="" class="wp-image-566751" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-1024x492.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-300x144.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-767x369.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-1536x739.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-2048x985.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-312x150.png 312w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-100x48.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-728x350.png 728w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541-788x378.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-541.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong><em>Image Source: <a href="https://x.com/ZAYKCharts/status/1845716005626278021" target="_blank" rel="noopener noreferrer nofollow">X/ZAYKCharts</a></em></strong>
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<p>As predicted, the ENA price broke out from the wedge, signaling a potential end to the bearish trend. The breakout aligns with ZAYK’s forecast of a bullish wave, with price targets between 0.85 and 1.00 USDT. The current price momentum is pushing ENA toward these levels, supported by the widening wedge and upward trajectory.</p>
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<h2 class="wp-block-heading" id="key-resistance-and-support-levels">Key Resistance and Support Levels</h2>
<p>Following the breakout, the 0.4071 USDT level has emerged as a critical price point. The 8-hour chart indicates that ENA’s price broke above this key resistance level, which previously acted as a rejection zone. This breakout suggests renewed strength in the market, as highlighted by Alain Arends in his analysis.</p>
<p>The recent surge confirms a bullish sentiment. If the price continues above 0.4071, it could transform this level into support, encouraging further upward movement.&nbsp;</p>
<p>However, traders should be mindful of potential pullbacks, with key support levels around 0.25 – 0.30 USDT, should the bullish momentum stall.</p>
<h2 class="wp-block-heading" id="potential-for-a-j-curve-rally">Potential for a J-Curve Rally</h2>
<p>Alain Arends suggested that the current price movement could resemble a J-curve pattern, a formation known for rapid, exponential growth after a period of decline. He expects this pattern to unfold over higher timeframes, potentially leading to sustained bullish movement.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ENA</a> finally starting to show some strength after months of downward PA. <br><br>Expecting a J-curve pattern out of those one on higher time frames in the coming months. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f91d.png" alt="🤝" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/kCb0A0Xjsv" target="_blank" rel="noopener noreferrer nofollow">https://t.co/kCb0A0Xjsv</a> <a href="https://t.co/cFE1EKZpmh" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cFE1EKZpmh</a></p>— Alain Arends (@alain_arends) <a href="https://twitter.com/alain_arends/status/1845785081605914915?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 14, 2024</a>
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<p>The wedge breakout and the J-curve pattern show strong evidence of a continued upward trend. Should the price maintain this momentum, the next targets would be between 0.45 and 0.60 USDT, a zone where profit-taking may occur.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/bitcoin-price-breaks-66k-elite-analyst-maps-btcs-path-to-over-71k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price Breaks $66k – Elite Analyst Maps BTC’s Path to Over $71k</a></em></strong></p>
<h2 class="wp-block-heading" id="market-sentiment-and-future-prospects">Market Sentiment and Future Prospects</h2>
<p>The market’s current sentiment toward ENA is bullish. The breakout from the downtrend and the rise above resistance levels indicate a possible long-term reversal. Traders are watching the volume to confirm the breakout, as higher volume would lend more credibility to the rally.</p>
<p>With analysts expecting substantial gains,<a href="https://coinmarketcap.com/currencies/ethena/" target="_blank" rel="noopener noreferrer nofollow"> ENA’s price</a> could continue its upward trajectory in the coming months. However, caution is advised, as pullbacks and false breakouts are always possibilities in volatile crypto markets.</p>
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<p>The post <a href="https://captainaltcoin.com/ethena-ena-price-breaks-out-is-a-massive-rally-on-the-horizon/" rel="noopener noreferrer nofollow">Ethena (ENA) Price Breaks Out: Is a Massive Rally On the Horizon?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ethena (ENA) Price Breaks Out: Is a Massive Rally On the Horizon?

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