Ethena (ENA) is currently trading at $0.7433 representing a 3.27% increase over the last 24 hours. However, despite the increase in its price movement, the altcoin’s trading volume has declined by 16.99 percent and currently stands at $454.62 million. ENA is up 0.63% on the week, indicating a slight upwards trend while also having a high volatility in market prices.
Source: CoinMarketCap
However, analysts believe that ENA has potential for future growth, despite the challenges of market volatility and unpredictability. The market remains volatile, and although growth is anticipated, traders should approach it with caution because of the volatility with the general crypto market.
Analyst Alpha Crypto Signal highlighted that Ethena appears to be creating an ascending triangle on the daily chart. The price of $0.80 serves as resistance, and since there are higher lows below it, the asset is currently in an accumulation phase. If ENA is above the rising trendline support, a break above $0.80 looks probable. That could nudge prices toward expectations around the $0.95 and $1.00 levels.
A break of the support trend line will invalidate the bullish bias. In that case, analysts observed a retest of the $0.68 support level. Traders would be wise to remain wary and watch important price levels.
Source: X
The Relative Strength Index (RSI) on ENA is 53.93. The RSI also shows that the coin is neutral. This indicates that both up and down movements are possible in the near future. A change in market sentiment could cause the price to move up or down, and traders should remain wary.
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The Moving Average Convergence Divergence (MACD) is also flashing a bullish indication. The MACD line is 0.0315, slightly above the signal’s 0.0294. That suggests a stronger buying pressure, which could push prices up. Furthermore, the histogram’s positive bars represent momentum, adding to the likelihood of a move up.
Source: TradingView
Coinglass data shows that the trading volume has decreased by 6.18% to $2.04 billion. Open interest is down 3.35%, currently around $1.68 billion. The ENA OI-Weighted Funding Rate is 0.0093%, showing the calmness of the market. Watch these key levels for signs of a breakout or reversal.
Source: CoinGlass
Ethena (ENA) is not a deflationary token; it also appears to be a highly volatile cryptocurrency, yet it has found success. Traders may look out for support levels to hold in order for the pullback scenario to play out. Attention should be paid to the market, which is currently moving.
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