Ethena (ENA) is on the way to its positive price trajectory, with a surge in its value despite the struggling market conditions. The ENA price over the last 24 hours is up by 3.79%, but over the last week it is down by 13.17%.
At the time of writing, ENA is trading at $0.6148 with a 24-hour trading volume of $451.56 million, down by 24.53% over the last 24 hours. The token has a market capitalization of $4.24 billion, which is up by 3.89%.
Source: CoinMarketCap
The general trend in the crypto market is turning to the positive side as BTC is struggling to catch bullish momentum. The overall market is impacted by this movement, including altcoins.
Moreover, a prominent crypto analyst, Ali, revealed that Ethena’s native token, ENA, is testing a crucial support level at $0.60, where buyers are stepping in to prevent further downside. Analysts note that maintaining this threshold could spark renewed bullish momentum. The first upside target sits near $0.72, a resistance zone closely watched by traders.
Source: X
If the momentum gains further strength, the relief bounce seen by ENA could reach $0.85, a level, which earlier indicated strong buying interest. Market sentiment remains cautious and optimistic as the larger crypto market stabilizes. But a failure to hold $0.60 support may attract new selling pressures and test lower levels.
Also Read: YZi Labs Boosts Ethena Labs as USDe Surges Past $13 Billion TVL
The weekly Ethena (ENA) chart shows that the price is moving around a significant support. The Bollinger Bands suggest a mid-range area, and the price leans towards the center band at $0.507, which suggests support. Resistance is closer to $0.88, though, as the top band gets narrowed.
Source: TradingView
The RSI sits at 53.20, slightly above the neutrality mark, hinting at a lack of strong momentum in either direction. The MACD index shows diminishing bullish sentiment as the histogram narrows and signal lines converge. This pattern, as a general rule, points towards a consolidation scenario with a risk for a decline if support cannot hold unless the bulls regain their footing.
According to the data from CMC, community sentiment is extremely bullish, as a staggering 83% of the users exhibit a bullish sentiment. In 104K votes total, the vast majority share the opinion that the market is inevitably rising. This indicates strong confidence and optimism amongst voters.
Source: CMC
On the other hand, 17% of the population exhibit a bearish sentiment, anticipating a decline. As a less significant share, it also reflects a persistent level of apprehension. Their perception establishes the reality of split opinion within widespread optimism.
Also Read: Ethena Price Analysis: ENA Ascending Triangle Targets $0.8566 Breakout
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