Ethena (ENA) targets 40% surge as $0.30 support holds strong – Is $0.48 next?

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  • ENA could rally by 40% if it reclaims March highs of $0.48
  • However, spot market demand seemed to be weak despite a recent accumulation spree

Ah, the sweet, sweet scent of potential profits! After a 20% plunge, Ethena [ENA] has found a comfy $0.30 spot – a perfect little nook for bulls looking for their next payday. It’s almost like finding a $10 bill in an old coat pocket, isn’t it?

In April, the altcoin decided to have a bit of a cha-cha and formed an ascending channel. Traders, like opportunistic hawks, have been swooping in, taking advantage of the highs and lows. But the big question is – is this just a one-hit-wonder or is there more to the show?

Assessing ENA’s potential gains

Let’s dive into the price chart. The 12-hour chart reveals that ENA found a comfy cushion at $0.28-$0.30 – a magical support zone where the price could bounce back. If this holds, we might see some sweet little rallies, pushing the coin to $0.34 (13% profit) or $0.38 (27% profit). Mmmm, I can already taste those gains.

And hey, if ENA really gets its act together, we could see a 40% surge all the way to $0.48. A rally so sweet, it’ll make you think you’re in the middle of a stock market fantasy.

But… don’t get too comfortable. If ENA falls below $0.28-$0.30, this whole bullish dream might crumble faster than a cookie in a toddler’s hands. 💀

ENA accumulation spikes

Santiment data (yes, those clever folks) show that ENA’s network activity has been bouncing back – just in time for its price dive. And guess what? There’s been a massive drop in ENA supply on exchanges. That’s right, the smart money is scooping it up like it’s Black Friday.

All signs point to a nice little accumulation phase. But let’s be real, we’re not popping the champagne yet. A price reversal *could* be in the cards – but let’s see if those metrics stay positive. 🍾

But hold your horses! ENA’s not out of the danger zone just yet. Remember that rally from April 27th? It was matched by a spike in spot market demand – things were looking *promising.* But alas, the demand petered out quicker than your interest in a bad movie, as shown by the drop in CVD spot. A real comeback will require more spot market action. Until then, we wait. ⏳

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2025-05-01 08:11