Ethena (ENA) has taken a 6% hit amid a broader crypto market pullback—but don’t count it out yet. A striking fractal pattern suggests a potential 90% surge could be on the horizon, mirroring a historic 2024 breakout. Here’s what you need to know.
Why Is Ethena (ENA) Dropping?
The altcoin market has faced pressure recently, with ENA falling 6% as Ethereum (ETH) retreated from a key resistance level. However, ENA’s 30-day gains remain strong at 109%, signaling underlying bullish momentum.
The Fractal Pattern That Could Spark a 90% Rally
Technical analysis reveals a compelling fractal pattern in ENA’s price action:
- A rounded V-shaped bottom has formed, similar to the 2024 breakout.
- The token broke out of a downward wedge and retested the 200-day moving average.
- Consolidation near the $0.70 resistance zone mirrors the 2024 setup.
What Happened in 2024?
During the 2024 breakout, ENA surged 89% after a double-bottom reversal and reclaiming the 200-day moving average. The current pattern suggests history could repeat itself.
Key Levels to Watch
If ENA breaks above $0.70 decisively, the next target could be $1.33—a 90% upside. A short-term correction wouldn’t invalidate the setup but could reinforce the bullish case.
Is the Cryptocurrency Market Too Volatile for This Setup?
While the fractal pattern is optimistic, analysts caution that crypto remains unpredictable. Always conduct independent research before investing.
FAQs
Q: What is a fractal pattern in cryptocurrency trading?
A: A fractal pattern is a recurring technical formation that suggests potential price movements based on historical behavior.
Q: How reliable are fractal patterns in predicting price action?
A: While they can provide insights, they’re not guarantees. Market conditions and external factors play a role.
Q: What’s the risk of investing in ENA based on this pattern?
A: High volatility means prices can swing rapidly. Always assess risk tolerance and diversify investments.
Q: Where can I track ENA’s price action?
A: Use platforms like CoinMarketCap or TradingView for real-time charts and analysis.
