Ethena has broken out of a rare bullish pattern on one-day charts and could post gains of over 65% from the current price.
During the last seven days, Athena (This), better known for the USDe stablecoin, rose 24.4%. The market capitalization of the cryptoasset surpassed the $1 billion mark on October 14. It is now up 200% from its lowest point in September and stands at $1.14 billion. Its daily trading volume is around $318 million.
According to analysts, Ethena has broken multiple patterns on the 1-day chart, pointing to further upside.
Anonymous Trader CryptoBull_360 noted that ENA has broken out of an inverse head and shoulders pattern, a rare pattern that signals a major bullish reversal that could further fuel ENA’s rally. Furthermore, it also rose above the top of a widening wedge pattern connecting the swings higher since April 10.
The analyst sets a bullish target for ENA at $0.68. That’s 65% more than its current levels, provided Bitcoin (btc) continues to experience positive momentum.
Other commentators echoed Similar bullish sentiments with MisterSpread ENA will reach $0.52 in the near term as long as it remains above the $0.42 support level.
The ENA price rally also coincided with an increase in futures open interest. According According to CoinGlass, open interest in the futures market reached a high of $227 million, up from a low of $137 million last week.
Previously, whales also turned their attention towards the token and were seen accumulating the crypto over the past week as reported by crypto.noticias.
Smart DEX traders, known for consistently executing profitable trades on decentralized exchanges, grab over 2.25 million ENA tokens over the past week, valued at $932.5k, demonstrating their confidence in the token’s potential growth.
Among other catalysts is the recent proposal Integrate your liquidity and hedging system into Hyperliquid, a decentralized exchange for perpetual trading.
The proposal, currently under review by the Ethena Risk Committee, suggests moving a portion of Ethena’s on-chain hedging flow to Hyperliquid, improving transparency and reducing counterparty risks.
Additionally, the proposal includes adding US dollar stablecoin to Hyperliquid’s Layer 1 platform following the launch of the EVM mainnet, further expanding its DeFi integrations.
At the time of publishing, ENA was exchanging hands at $0.403 per crypto.news data.
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