ENA price outlook as potential bullish reversal pattern forms

After months of a downward trend, Ethena (ENA) is forming a potential bullish reversal pattern. Currently, ENA trades around $0.1103, holding steady despite recent market volatility. The token has experienced a 52% drop over the past three months, reflecting broader market pressures. Trading volumes, however, remain healthy, hitting over $105 million in the last 24 hours, indicating strong market activity. Furthermore, the token’s total value locked (TVL) has reached more than $6.958 billion. This shows that despite price fluctuations, there is significant liquidity and adoption within its ecosystem. Ethena technical outlook Technically, according to analyst GainMuse, ENA appears to be forming a downward channel that is now testing a breakout. Ethena chart analysis | Source: GainMuse analysis The critical support…