Ethena rockets 11.23% as bulls defend key support—$0.96 target now in play

Ethena's price just pulled off an 11.23% surge—proving once again that crypto moves faster than a Wall Street intern deleting incriminating Slack messages.

Key support holds firm

The token's floor didn't just hold—it repelled sellers like a VIP bouncer at a Miami bull market party. With the $0.96 resistance now in sight, chart watchers are leaning forward in their ergonomic trading chairs.

Next stop: breakout territory?

If this momentum holds, we could see Ethena test that $0.96 level faster than a degenscanning a contract for exploits. Just remember—in crypto, 'key support' is only solid until it isn't. Trade accordingly.

Key technical points

• High Time Frame Support at $0.47: Critical level holding price up, now flipped from resistance to support.
• Strong Volume Profile: Bullish influxes suggest demand is active around current levels.
• Next Resistance at $0.96: High time frame target if support holds and structure continues upward.

From a technical perspective, the price is forming a potential higher low after reclaiming and holding above the $0.47 region. This area is not only structurally important as a former resistance level but also aligns with multiple high-probability support indicators like the VWAP and the value area high. These overlapping signals add confidence that this level may serve as a launchpad for further upside movement.

The volume profile adds even more weight to the bullish case. Since the rally began, there’s been a visible uptick in buying volume, a key metric that often precedes sustained momentum. Unlike previous rallies that faded without volume support, ENA’s current MOVE is showing real signs of demand.

What’s particularly significant is that this move comes after a clean retest. Previous price action had rejected from the $0.47 region, but now that it’s been reclaimed and defended, it solidifies the region as a newly established demand zone. Creating a base at this level increases the likelihood of the current trend continuing to the upside.

Looking ahead, the $0.96 level is the next high time frame resistance, and it remains the main target. This level also corresponds to a swing high formed during a previous rally, a logical point where traders may look to take profits or where sellers might step back in. For this target to be hit, ENA needs to maintain its momentum and continue forming higher lows on the lower timeframes.

What to expect in the coming price action

As long as ENA holds the $0.47 support, the bullish bias remains valid. With increasing volume and strong structural confluence, price could rotate toward the $0.96 resistance in the short to medium term.