Ethena has recently emerged from a rare bullish pattern on the one-day charts, positioning itself for potential gains exceeding 65% from its current price.
In the past week, Ethena (ENA), recognized for the USDe stablecoin, experienced a remarkable 24.4% increase. As of October 14, its market capitalization soared past $1 billion, marking a 200% rise from its September lows, currently standing at $1.14 billion. Daily trading volumes have exceeded $318 million.
Analysts indicate that Ethena has successfully breached multiple bullish patterns on the one-day chart, signaling further upside potential.
An anonymous trader highlighted that ENA has broken out from an inverse head and shoulders pattern—an indicator of significant bullish reversal—which may further ignite the ENA rally. Additionally, it has surpassed the upper threshold of a broadening wedge pattern connecting recent high swings since April 10.
The analyst has set a bullish price target for ENA at $0.68, which reflects a 65% increase from current levels, contingent on Bitcoin’s continued positive momentum.
Similar optimistic projections have been voiced by other commentators, with a short-term target of $0.52 for ENA, as long as it maintains its position above the critical support level of $0.42.
ENA’s price ascension aligns with a notable increase in futures open interest. Current data reveals that open interest in the futures market has reached $227 million, up from last week’s low of $137 million.
Interestingly, significant market players have also been accumulating ENA tokens, showcasing renewed interest over the past week.
Smart DEX traders, who are known for their effective trading strategies on decentralized exchanges, have acquired over 2.25 million ENA tokens, valued at approximately $932.5K, signifying strong confidence in the token’s future potential.
Furthermore, Ethena has introduced a proposal to integrate its liquidity and hedging system into Hyperliquid, a decentralized exchange focused on perpetual trading. This proposal is currently under review by the Ethena Risk Committee and aims to enhance transparency and mitigate counterparty risks by transferring a portion of Ethena’s hedging activity on-chain to Hyperliquid.
The proposal also seeks to introduce the USDe stablecoin to Hyperliquid’s Layer 1 platform coinciding with the launch of the EVM mainnet, further broadening Ethena’s DeFi integrations.
At the time of reporting, ENA was trading at $0.403.
