The cryptocurrency Ethena (ENA) has attracted community attention due to signals of a potential substantial growth. Technical analysis indicates the presence of multiple catalysts supporting bullish sentiments.

ENA Chart Analysis: Key Support and EMA100

The most striking aspect of ENA’s price movement is its position above the daily EMA100, which indicates strong buying interest, as noted by analyst Gonzo. The price is also consolidating around a key horizontal support level, reinforcing the bullish outlook.

Ethena (ENA) Breakout Potential After Downtrend Line Breach

A key element of ENA’s chart is the breakout past a previous downtrend line in mid-September. This event concluded the negative phase and opened up the path for the current upward trend.

Bullish Divergence on Daily Chart

The daily chart also exhibits a bullish divergence, indicating a potential rise in ENA’s price. Technical indicators confirm that buyers are gradually building momentum for an increase.

Supported by positive technical indicators and divergence, ENA’s price may continue to rise. The bullish trend and resilience at support levels provide confidence for the cryptocurrency's near future.