Ethena has broken out of a rare bullish pattern on the one-day charts and could see gains of over 65% from the current price.

Over the last seven days, Ethena (ENA) — best known for the USDe stablecoin — rose 24.4%. The crypto asset’s market cap surpassed the $1 billion mark on Oct. 14. It is now up 200% from its lowest point in September, and sits at $1.14 billion. Its daily trading volume hovers over $318 million.

According to analysts, Ethena has broken out of multiple patterns on the 1-day chart, which points to further upside.

Anonymous trader CryptoBull_360 noted that ENA has broken out from an inverse head and shoulders pattern, a rare pattern that signals a major bullish reversal that could further fuel the ENA rally. Moreover, It also rose above the upper side of a broadening wedge pattern that connects the highest swings since April 10.

The analyst sets a bullish target for ENA at $0.68. That’s up 65% from its current levels, provided that Bitcoin (BTC) continues to see positive momentum. 

Other commentators echoed similar bullish sentiments with MisterSpread ENA to hit $0.52 in the short term as long as it holds above the support level at $0.42.

ENA’s price rally also coincided with a jump in futures open interest. According to CoinGlass, open interest in the futures market hit a high of $227 million, up from last week’s low of $137 million.

Previously, whales have also turned their attention towards the token and were seen accumulating the crypto throughout the past week as reported by crypto.news.

Smart DEX traders, known for consistently executing profitable swaps on decentralized exchanges, grabbed over 2.25 million ENA toke

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Author: Rony Roy