Over the past few days, the Ethena (ENA) token has recorded multiple gains in the range of 8% to 15%, lifting its price from around $0.09 to approximately $0.11.
This steady climb reflects a broader shift in short-term sentiment, with bulls gradually regaining control after weeks of weakness.
What stands out now is how price action is approaching a level that many consider decisive: $0.12.
Ethena (ENA) bullish momentum builds
ENA is now trading above its 20-day moving average near $0.0909 and its 50-day moving average around $0.0992.
Holding above both levels typically signals that short and medium-term momentum has turned positive.
Over a 7-day period, ENA has gained more than 20%, with a single-day move of 15% today.
Still, the bigger picture is not fully bullish yet. ENA remains well below its 200-day moving average, which sits close to $0.23.
This highlights the distance the asset still needs to cover before any long-term trend reversal can be confirmed.
For now, the $0.12 level has emerged as the immediate barrier.
Price has tested this zone but has not yet secured a strong close above it.
Until that happens, the rally remains in a build-up phase rather than a confirmed breakout.
Technical signals point to a possible breakout
Several technical patterns suggest that ENA is nearing a turning point.
One of them is the formation of a “bullish gap,” created when the price jumped quickly on strong demand.
Such gaps often indicate aggressive buying, though they can also be revisited if momentum slows.
In addition, some traders are pointing to a “Power of Three” structure, a pattern that moves through accumulation, manipulation, and expansion phases.
Based on current price behaviour, ENA appears to be transitioning into the expansion phase, where breakouts typically occur.
Momentum indicators, however, are sending mixed signals.
While the Relative Strength Index (RSI) remains supportive of further upside, other indicators such as the Stochastic RSI and Commodity Channel Index (CCI) are nearing the overbought territory.
This combination often leads to short pauses.
In practical terms, ENA could either consolidate between $0.11 and $0.12 or briefly pull back before attempting another push higher.
Fundamentals add weight to the bullish case
Beyond price action, there are also developments on the fundamental side that are helping support the current momentum.
Ethena Labs, the team behind the protocol, is exploring the idea of backing its synthetic dollar, USDe, with tokenised gold assets such as PAXG and XAUT.
Both of these assets are issued by established players, Paxos and Tether, and are designed to track the price of physical gold.
Introducing gold into the system could improve stability and diversify risk.
It also strengthens the broader narrative around USDe, positioning it as more than just a crypto-native product.
A more robust USDe ecosystem could, in turn, increase demand for ENA as the governance and utility token tied to the protocol.
Breakout or pullback: what comes next?
The next move for ENA will likely depend on how the price behaves around $0.12.
A clean break above $0.12, followed by a successful retest, would strengthen the case for further upside.
In that scenario, the next target sits around $0.16, with higher levels possible if momentum continues to build.
On the other hand, repeated rejection at $0.12 could trigger a pullback toward $0.10 or even back to the $0.09 region where the recent rally began.
This would not necessarily invalidate the bullish setup, but it would delay any breakout.
There are also external risks to consider. Large wallet movements have already shown that some holders are sending significant amounts of ENA to exchanges, a sign that profit-taking could emerge at any time.
Combined with overbought indicators, this adds another layer of caution in the short term.
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