Ethena has broken out of a rare bullish pattern on the one-day chart and could gain more than 65% from the current price.
Over the past seven days, Ethena (ENA) — best known for its USDe stablecoin — is up 24.4%. The market capitalization of crypto assets surpassed the $1 billion mark on October 14. It is now up 200% from its low point in September, and sits at $1.14 billion. Its daily trading volume reaches more than $318 million.
According to analysts, Ethena has broken out of various patterns on the 1-day chart, indicating further upside.
Anonymous trader CryptoBull_360 noted that ENA has broken out of an inverted head and shoulders pattern, a rare pattern that signals a major bullish reversal that could further fuel ENA’s rally. Additionally, the price also rose above the upside of the widening wedge pattern connecting the highest swing since April 10.
The analyst sets a bullish target for ENA at $0.68. The figure is up 65% from current levels, provided Bitcoin (BTC) continues to see positive momentum.
Other commentators echoed similar bullish sentiment with MisterSpread ENA reaching $0.52 in the short term while holding above the support level at $0.42.
The ENA price rally also coincided with a surge in futures open interest. According to CoinGlass, open interest in the futures market reached a high of $227 million, up from last week’s low of $137 million.
Previously, whales also turned their attention to the token and were seen collecting crypto throughout the past week as reported by crypto.news.
Smart DEX traders, known for consistently making profitable exchanges on decentralized exchanges, acquired over 2.25 million ENA tokens over the past week, worth $932.5K, showing their confidence in the token’s growth potential.
Another catalyst was Ethena’s recent proposal to integrate liquidity and hedging systems 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 hedging flows on-chain to Hyperliquid, to increase transparency and reduce counterparty risk.
Additionally, the proposal includes adding the USDe stablecoin to Hyperliquid’s Layer 1 platform following EVM’s mainnet launch, further expanding its DeFi integration.
At press time, ENA was exchanging hands at $0.403 per data from crypto.news.
