ENA Breaks Out of Falling Wedge, Potential 70% Upside
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Breakout Signal: ENA's price has broken out of a falling wedge structure, indicating that buyers are starting to absorb supply, marking a shift from a corrective phase to the early stages of recovery, suggesting improved market sentiment.
- Price Trend Analysis: After several weeks of downward trend, ENA's price consolidated near the lower boundary of the wedge before breaking through the upper trendline, demonstrating a weakening of seller control and a strengthening of buyer momentum.
- Potential Gains: The chart indicates a potential upside of around 70% for ENA, with the next major area of interest sitting between $0.34 and $0.36, which could be achieved if momentum continues to build.
- Market Environment Shift: The breakout effectively invalidates the recent bearish setup, and as long as the price remains above the former wedge resistance, the market will no longer operate in a sell-first environment, further boosting investor confidence.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
