Ethena’s 17% Price Pop: Will $0.70 Make Us Rich or Just Richly Confused?

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So, Ethena just decided to throw a party and invite a 17% price jump over the last 24 hours. This cheeky little breakout from a long, dreary falling wedge has lit a bullish fire under it — could $0.70 be the next stop? 🤑

Right now, Ethena (ENA) is hanging out at $0.34, up a tidy 17% (nice, right?). It busted out of that gloomy wedge on Tuesday thanks to a bullish marubozu candle—fancy candlestick patterns aside, think of it like a confident power pose pushing price above the 20-day EMA. And oh, that stubborn 50-day SMA? It’s getting a run for its money today. Medium-term momentum’s changing its tune, and honestly, it’s looking like a disco in here.

But wait, there’s more! Momentum indicators are playing along—RSI’s tiptoeing up to 55.84 (not too hot, not too cold), and the MACD just crossed over, waving green flags with a histogram that looks like it’s ready for spring.

Even the ATR is whispering sweet nothings about low volatility—basically, the calm before the storm. Translation: big moves might be lurking in the bushes, waiting to pounce.

Oh, and if you thought this was a solo show, think again. Bitcoin‘s flirting with $95,000 and Ethereum’s inching toward $1800 as those trade war blues start cooling off. Ethena’s just enjoying the group rebound vibes.

Ethena price chart

Next up: the $0.45 barrier. This is where ENA’s ego got bruised a couple of times back in February and March, so it’s practically a bouncer guarding the club. Conquering this might set the stage for a flirtation with $0.70–$0.72, based on the wedge’s measured move—a range that sounds like a fancy cocktail, doesn’t it?

But hey, if ENA doesn’t keep above $0.30, that breakout might turn out to be just a false alarm. Couple that with RSI sulking back under 50 and a bearish MACD doing its doom-and-gloom thing, and guess what? The downtrend resumes its sad little ballad.

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2025-04-23 16:12