Analyst Says Ethena (ENA) Could See a 2x Spike Soon – Here’s How It Could Play Out

The Ethena price is back at one of its most important support levels, and that has analysts paying close attention again

Analyst Ali Martinez, who has been tracking ENA’s bigger moves for months, points out that this is the same zone that triggered major rebounds before. If the support holds this time too, he believes ENA could set up a run toward the $0.50 area, basically a clean 2x from where it’s trading now.

The weekly chart makes it pretty clear why this level matters. Every time the ENA price has tapped this support, buyers stepped in fast and pushed the price higher for weeks

ENA Is Testing Its Most Reliable Support

On the weekly chart shared by Ali, ENA is resting on the same horizontal zone that sparked big reversals in July, September, and earlier in the year. Each time, the market reacted the same way, strong buying and a multi-week climb.

Source: X/@ali_charts

Right now the ENA price is hovering around $0.23–$0.24, basically sitting on that support. As long as it stays above this level, the bullish setup remains intact

Even a quick dip to $0.21 wouldn’t break the structure, but a weekly close below that area would weaken the outlook.

Ethena Shows Slower Momentum, but Buying Pressure Remains

On the 4-hour chart, momentum has clearly cooled. The ENA price has been sliding for several days, MACD is red, and open interest has dropped, showing leverage is getting flushed out. That’s normal when an asset is searching for a bottom.

Source: CoinAnk

Despite the pullback, the support is still holding. Small reversal candles are starting to appear, which usually means buyers are quietly stepping in. If the ENA price can reclaim the $0.27–$0.29 zone, that’s where momentum could start turning around.

Read Also: Hayes Dumped Pendle and Ethena at a Loss… Then Bought Back Cheaper: Here’s the Crypto Whale Playbook

A 2x Move Is Still on the Table

Ali’s projection shows a possible glide path back toward $0.47–$0.50 if this support delivers another rebound

The dotted bounce shown on his chart reflects what ENA has already done several times this year, consolidate, sweep the lows, and then surge.

He also notes that the ENA price might dip just a little lower before taking off, which is a common shakeout move before a bigger trend reversal.

What’s Next for ENA?

The ENA price is sitting at a level that has shaped its entire price history. If it holds here, the setup for a move toward $0.50 is still very much alive. If it breaks, the bullish scenario just gets delayed, but for now, the chart still leans toward a bounce.

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The post Analyst Says Ethena (ENA) Could See a 2x Spike Soon – Here’s How It Could Play Out appeared first on CaptainAltcoin.