Ethena Price Targets Breakout as Bollinger Bands Narrow, Inflows Rise
later than falling 11% in the past week, is now trading slightly above $0.60. The token has been trading between $0.58 and $0.72, and over the last 24 hours, retail trading volume decreased by 21.6%, dropping to approximately $400.9 million. Even though this correction occurred, technical indicators suggest that the stage is being set for a likely price breakout, thanks to rising institutional interest and tightening volatility patterns.
Institutional Demand Strengthens Support
Rising institutional demand is one of the main things keeping Ethena’s price floor near $0.60. which is tied to well-known cryptocurrency investor , is one of the major players that has been purchasing a significant number of ENA tokens. In just 15 hours, StablecoinX’s multi-signature wallet bought more than 19 million ENA, which is worth about $11.8 million.
This brings their total holdings to approximately 88 million ENA tokens, which are valued at around $54 million. Additionally, agreements with professional trading businesses, such as Flowdesk, and further support from YZi Labs (previously ), indicate that people are becoming increasingly confident in Ethena’s long-term value proposition.
Technical Setup Indicates Breakout Potential
Currently, technical indicators suggest a potential breakout for Ethena. The Bollinger Bands have been converging, indicating less volatility, which typically precedes significant price changes. The is close to 36, indicating that the token is near oversold territory and may be poised to bounce back. The 100- and 200-day moving averages continue to indicate a bullish trend, despite the short-term moving averages remaining bearish.
Key resistance levels for are $0.62 and $0.65, while key support is around $0.59. If ENA rises above $0.62, it could target the mid-$0.70 range. On the other hand, if it drops below $0.59, it could go down even further. As institutional investors continue to purchase more, and the technical setup remains unchanged, the odds are in favor of a potential price breakout.
Upcoming Developments to Boost Momentum
Ethena’s Q4 testnet rollout of the Converge blockchain platform is planned to make it even more assistful as institutional-grade infrastructure in the future. This news, combined with ongoing collaborations and inflows, positions Ethena strongly in the and digital asset ecosystem. This will assist its price continue to rise in the next few months.
In short, Ethena’s price holding steady near $0.60, along with tightening Bollinger Bands and increased institutional interest, suggests a favorable setup for a breakout to the upside. Both technical and fundamental factors support its outlook, Ethena Price Targets Breakout as Bands Narrow and Inflows Rise.
