Ethena has recently broken out of a rare bullish pattern on the one-day charts, signaling potential gains of over 65% from the current price. In the past week, Ethena (ENA), primarily recognized for the USDe stablecoin, surged by 24.4%, pushing its market cap over $1 billion. This surge represents a 200% increase from its September low, reaching a market cap of $1.14 billion with a daily trading volume exceeding $318 million.
Analysts have noted multiple bullish patterns on the 1-day chart for Ethena. One analyst, known as CryptoBull_360, highlighted the breakout from an inverse head and shoulders pattern, a significant indicator of a bullish reversal with potential for further gains. Furthermore, Ethena also breached above the upper boundary of a broadening wedge pattern since April 10.
Setting a bullish target of $0.68, analysts believe that ENA could experience a 65% surge from its current levels, contingent on positive momentum from Bitcoin (BTC).
Additional predictions from various sources see ENA hitting targets such as $0.52 in the short term, as long as it maintains above key support levels. The uptrend in ENA’s price was accompanied by a notable increase in futures open interest, reaching a high of $227 million.
Moreover, recent activities involving whales accumulating ENA tokens, valued at over $932.5K, and Ethena’s proposal to integrate its liquidity and hedging system into Hyperliquid, indicate significant growth potential. If the proposal for on-chain hedging flow integration is approved, along with the inclusion of USDe stablecoin on Hyperliquid’s Layer 1 platform, it could further expand their DeFi integrations.