ENA Price Eyes Breakout as Buyback Proposal Gains Attention

Ethena's ENA price continues to show signs of strength as its short-term uptrend remains intact above the critical $0.122 micro-support level.

The recent rebound from the broader $0.122, $0.151 support zone indicates that buyers are still defending lower levels, holding this area could keep the bullish structure active and provide ENA with another opportunity to recover.

However, amid all the excitement, the ENA price continues to face a lot of resistance around $0.192, hence failing to confirm any breakout signal.

The market is now observing if the ENA price will be able to form Wave 4, which can be shown in the blue scenario. The key here will be to preserve $0.122; otherwise, the bullish pattern might not develop.