ENA Breaks Falling Wedge on 4H Timeframe Eyeing 50% Rally: Bull Run Incoming?

Key Insights:

• ENA breaks falling wedge on 4H chart, signaling potential 40-50% short term rally setup amid downtrend.
• Open interest drops to $190.93M from $1.8B, reflecting reduced trader participation and leverage since the mid-August peak.
• RSI near 34 and a slight MACD crossover indicate possible short-term price stabilization after a decline.

Ethena token has broken out of a falling wedge pattern on the 4-hour chart, and traders are watching for a possible 50% rally. Market analysts say the setup may signal a shift after months of decline. The breakout comes as the token trades near $0.10, with price action still under key resistance levels.

ENA Breaks Falling Wedge on 4H Chart

According to Crypto analyst ZAYK, the ENA Falling Wedge Breakout is done in a 4H Timeframe. The analyst added that a 40-50% Bullish Wave could follow if price action holds above support. The falling wedge pattern often appears before a price rebound. Traders track this structure as it forms lower highs and lower lows within narrowing lines.

ENA continues to trade near $0.102449 on Binance as the token remains under pressure despite the recent breakout signal. The daily chart shows a long decline from highs above $0.60. Price has stayed in a lower range, and resistance levels have capped upside moves.

Technical indicators show mixed signals as the Relative Strength Index (RSI) stands near 34, which is just above the oversold level. The MACD indicator shows a slight bullish crossover, and this may point to short-term stabilization. The live Ethena price stands at $0.102, with a price decline of 1.90% over the past 24 hours.

Open Interest and Trading Activity Decline

Open interest in ENA futures stands at $190.93 million in late February. This marks a sharp drop from nearly $1.8 billion recorded in mid-August. The fall in open interest reflects lower trader participation and reduced leverage in the market.

The token price has followed the same path as the token dropped from above $0.80 to below $0.15 over recent months. Trading volume remains active, with a 24-hour volume of $112,046,506. However, price continues to face pressure as buyers and sellers remain cautious.

The drop in open interest and price shows reduced market momentum. Minor rebounds have appeared, but they have not changed the broader downtrend on higher timeframes.