Expert Analysis : Bullish Fractal Pattern Emerges for Ethena (ENA)
The cryptocurrency market is currently in a healthy correction phase after Ethereum (ETH) touched a multi-year resistance around $3,940, before retreating to $3,775. This temporary cooling has weighed on altcoins, including Ethena (ENA), which shows a 6% decline over the day, reducing its 30-day gains to 109%.
However, an in-depth analysis of ENA’s price action reveals a potentially bullish configuration. If price history serves as a guide, this emerging fractal pattern could signal a bullish reversal.
Indeed, on the daily chart, ENA shows signs of repeating its 2024 bearish channel breakout structure. At that time, ENA printed a classic double bottom reversal pattern. The movement was triggered by a bullish breakout from a falling wedge, followed by reclaiming the 200-day moving average. After a brief consolidation in the resistance zone, the token exploded nearly 89% upward in just a few weeks.
Potential 90% Upside if the Fractal Pattern Continues
If ENA manages to decisively break through the $0.70 region (marked in blue), it would confirm the breakout of the neckline of this double bottom fractal pattern. If the pattern continues like the 2024 movement, ENA could then be poised to test its former resistance near $1.33, representing nearly a 90% increase from current prices.
However, the fractal also suggests that a short-term correction could still occur before the breakout. A healthy recovery above the 200-day moving average would not invalidate the setup but rather conform to the rhythm of the previous cycle. Its 20-day moving average at approximately $0.48 offers good support for a bounce in case of a short-term correction.
Furthermore, if ENA continues its rise to $1.3, it would break a bullish trendline on the higher timeframe. ENA could well gain momentum and accelerate its rise to $2 thanks to the liquidation of numerous short positions.
In summary, technical analysis reveals a promising bullish fractal configuration for Ethena (ENA). If this structure continues as in the previous cycle, the altcoin could be on the verge of a major reversal, with upside potential of nearly 90% or more from current levels.
How to Buy Ethena (ENA) on Bitget ?
While a short-term correction cannot be ruled out, technical signals remain overall favorable for ENA investors. Here’s a guide to easily obtain the token on Bitget :
- Sign up on Bitget : Create an account on Bitget via the official website or mobile app. Provide an email address or phone number, then complete identity verification (KYC) to access all features.
- Deposit funds : Once your account is activated, deposit funds in fiat currency (EUR, USD, etc.) via bank transfer or card, or transfer cryptocurrencies from another wallet.
- Access the market : Go to the trading section and select the ENA/USDT pair. Bitget offers spot trading options or with leverage (x3 to x5 recommended for this trade).
- Place a buy order : Choose a market order to buy immediately at the current price or a limit order to target a specific price. Validate after verifying the amount.
