Ethena (ENA) is entering December with a strong technical setup and a significant spike in fee generation, positioning it for potential gains. The token has completed a breakout from a falling wedge pattern on the daily chart, a signal often indicating the end of a downtrend. ENA held key support between $0.22 and $0.23 and is now trading around $0.29, with analyst Crypto Candy noting that a close above this level with strong volume could flip the structure bullish for the first time in months.
Targets for ENA include $0.36 as the nearest resistance, followed by $0.60 and $0.87, aligning with previous consolidation zones. Concurrently, Ethena Labs surged to third place in crypto fee rankings, generating $4.85 million in fees over 24 hours, behind only Tether ($23.5 million) and Circle ($7.91 million). This fee spike highlights heightened user engagement and liquidity shifts, often driven by token events or airdrops.
Market conditions in December, including expected Federal Reserve rate cuts and increased liquidity, may further support ENA's momentum. If Bitcoin remains stable, capital could rotate into mid-cap altcoins like ENA, accelerating its breakout.
