ENA’s 12% Surge: Is the $0.65 Breakout Imminent?

ENA just ripped through a 12% rally—now traders are eyeing the $0.65 level like a hawk. Will this altcoin finally smash the barrier, or is it just another fakeout in crypto's endless drama?

Price action heats up. The move comes amid a broader market uptick, but ENA's outperformance has folks talking. No guarantees, of course—this is crypto, where 'technical analysis' sometimes feels like reading tea leaves.

Wall Street would charge you 2% management fee for this kind of volatility. Meanwhile, degens are YOLO-ing into leverage positions like it's 2021 again. The $0.65 test could be make-or-break: clear it, and bulls might finally get their moment. Fail, and well... there's always another meme coin to chase.

ENA Nears Key Resistance Zone

Ethena (ENA) traded around $0.63 at press time, after gaining roughly 12% in the past 24 hours. The daily trading volume stands close to $780 million. Despite being down 5% over the past week, the short-term trend is showing renewed strength.

Meanwhile, the token remains in consolidation just under the $0.65 level, identified as a critical point in previous market cycles. Analyst CryptoAmsterdam noted that breaking and holding above this range quarter mark could act as a trigger for a further MOVE up. 

If that happens, price targets may shift toward the mid-range NEAR $0.75. If not, a move back to support near $0.35 remains possible.

// $ENA (update)

Still consolidating below the 0.25 (range quarter) resistance, looking very good.

Two scenarios:

> We flip the 0.25
After some more consolidation, and continue to fly higher. This level is often (!) a launchpad into stage 5 of the cycle.

If we do break… https://t.co/SS4ufsugRI pic.twitter.com/9lJZPIa4go

— CryptoAmsterdam (@damskotrades) August 7, 2025

Indicators Support Upward Momentum

On the 4-hour chart, ENA trades above the 20, 50, 100, and 200-period exponential moving averages (EMAs). These are aligned in bullish order, with the current price sitting well above the 200 EMA near $0.49. This pattern often suggests a continuation in the current trend.

Additionally, the Money FLOW Index (MFI) reads 57. This signals growing buying interest but still leaves room before overbought conditions are reached. An MFI under 80 suggests the trend may still have room to run.

Retail Traders Are Active Again

Data from CryptoQuant shows retail activity has increased sharply. The latest readings in the $0.60 to $0.70 range are marked red, labeled as “Too Many Retail,” a sign of heavier participation by smaller traders. Similar past clusters have often appeared near local peaks.

Crypto Rand noted the same trend, pointing to strong inflows and steady consolidation. The current trading pattern suggests the market is waiting to see whether this level will break or hold.

Finally, the $0.65 level remains a key area. A confirmed breakout could open the way toward higher targets. Failure to hold above that line may bring price back to the lower range. Until then, the market structure stays neutral, and traders are watching for confirmation in either direction.