- Ethena currently trades around the $0.61 mark.
- The market saw $5.36 million in ENA liquidations.
The modest spike in the crypto market cap has brought few assets to trade in the green zone and some in red. Notably, the fear and greed index value sits at 52, which reflects neutral sentiment in the market. Assets like Bitcoin (BTC) and Ethereum (ETH) are attempting to reclaim the recent highs.
With the volatile momentum in the market, Ethena (ENA) has registered a gain of over 9.86%. In the early hours, the asset traded at a bottom range of $0.5557. After the bulla took charge, the price has driven to a high of $0.6304, after testing the resistance ranges between $0.5562 and $0.6299.
At press time, Ethena traded at around the $0.6169 mark, with its market cap at $3.89 billion. Moreover, the daily trading volume has increased by over 27.37%, reaching $1.16 billion. As reported by Coinglass data, the market has seen a liquidation of $5.36 million worth of Ethena in the last 24 hours.
Moreover, the Ali chart shows a significant spike in exchange inflows of Ethena, with 250 million tokens sent to exchanges over the past two weeks. This large inflow signals potential selling pressure. The ENA price has shown resilience for a possible shift in momentum.
Where is Ethena Headed Next?
With the bearish hold, the Ethena price might find its nearby support at the range of $0.6163. Assuming the emergence of the death cross, the price could steeply fall toward its recent low at around $0.6157. Conversely, the bulls waking from sleep could trigger Ethena’s price to climb and test the immediate resistance at $0.6175. A steady gain might initiate the golden cross to unfold and likely push the price to the $0.6181 mark.
Ethena’s Moving Average Convergence Divergence (MACD) line has crossed above the zero line while the signal line remains below, indicating the early signs of the bulls trying to reclaim the momentum. Significantly, the Chaikin Money Flow (CMF) indicator of ENA at 0.24, suggesting a strong buying pressure and bullish sentiment in the market. It supports further price gains if the value is sustained with positive inflows.
In addition, the Bull Bear Power (BBP) reading of 0.0698 hints at moderate bullish dominance, but not a strong breakout signal. Also, it can potentially continue the uptrend. Ethena’s ongoing market sentiment is bullish, as the daily Relative Strength Index (RSI) is found at 60.48. As the buyers are currently stronger than the sellers, the asset may have an upward movement and approach the overbought zone.
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