Ethena’s ENA token is trading near $0.103, holding within a consolidation range between key support at $0.095 and resistance at $0.119. Analysts note a confirmed breakout above resistance could trigger stronger upward momentum, with technical setups suggesting potential targets of $0.13 and $0.15.
The price of Ethena‘s ENA token is trading within a defined consolidation range, hovering near $0.103 according to technical levels. At press time, the coin is trading at $0.1057, marking a 2.33% increase over the past 24 hours.
TradingView identified the price as moving within a horizontal range between the $0.095 support and $0.119 resistance area. The consolidation phase appears to have been created by prior downside pressure before the move into this range.
The On-Balance Volume Indicator suggests momentum has been relatively weak, indicating large amounts of buying pressure have not yet returned. The continual defense of the $0.095 support level indicates sellers have been unsuccessful in pushing the price significantly lower.
Crypto analyst Ali Charts on X shared that the current consolidation could be the beginning of a bullish breakout. “Ethena $ENA appears to be consolidating between $0.119 resistance and $0.095 support,” the analyst stated.
The analyst outlined a setup where a four-hour candle close above the $0.119 price point could signal an entry. Targets of $0.13 and $0.15 could solidify a momentum shift and bring in more purchasing demand.
In conclusion, ENA remains in a consolidation stage watched closely by traders. A breakout above the upper resistance level would likely create a stronger upward price movement with increased buying pressure.
