ENA Bullish Trend Could Propel Prices to 0.30, 0.36 and Beyond as Momentum Builds

3 mins mins

Key Insights:

ENA price tests resistance, suggesting potential breakout to $0.30, $0.36, and higher l
Binance heatmap shows concentrated liquidity and risks of volatility near $0.26.
Market sentiment shifts with more traders taking long positions, signaling future growth potential.

bf52d6d5 5621 4f44 bd8a 1b70bcbeda65 1 — *ENA Bullish Trend Could Propel Prices to 0.30, 0.36 and Beyond as Momentum Builds*

The price of ENA has shown signs of a potential bullish breakout as it tests the top of its daily descending channel. Market activity has increased, with traders showing renewed interest in the token. With the ENA price currently at $0.24, and a 24-hour trading volume of $402.67M, momentum seems to be building for further gains.

Buyers React to Market Shifts

As the price of ENA rises, buyers have started to step in. Momentum is turning positive, and the market appears to be moving toward a possible breakout. According to ARI ZAIM, as the market shows shifts in sentiment, a breakout could potentially push prices towards $0.30, $0.36, and even higher levels of 0.44, 0.53, and 0.63.

Traders are closely watching these price levels for any signs of sustained upward movement. The Binance ENA/USDT heatmap shows increased liquidity in the $0.22–$0.26 range. This range has seen concentrated market activity, with many positions being placed in anticipation of price movement.

*Binance ENA/USDT heatmap | Source: Coinglass*

There is some risk of liquidation at the higher end near $0.26, which could create volatility. As prices approach this level, larger moves are possible, especially if leveraged positions are affected by quick market changes.

Funding Rate and Market Sentiment Shift

However, market sentiment has also shifted in recent weeks. The OI-Weighted Funding Rate chart suggests that traders have moved from a mostly negative funding rate in the past months to a more neutral stance. This change indicates a shift in market sentiment, with more traders beginning to take long positions on ENA.

*ENA OI-Weighted Funding Rate chart | Source: CoinGlass*

This shows that market participants are increasingly warming up to long positions. As the price of ENA continues its gradual rise, these positioning changes could set the stage for a breakout.

With recent trading volume increasing and ENA seeing a 9.62% rise in the last 24 hours, many traders are optimistic about the token’s future potential. However, the market remains volatile, and any breakout will depend on how quickly the market reacts to these shifting conditions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.