Ethena [ENA] recently indicated a purchase signal on the 12-hour chart using the TD Sequential indicator, suggesting a potential recovery following a period of decline. As of the latest data, ENA was being traded at $0.4838, showing a rise of 4.49% in the past 24 hours.
Despite the positive technical indication, there are various roadblocks ahead that could impede the upward movement of the price. Hence, investors are closely monitoring whether the asset can overcome these significant obstacles and sustain its bullish streak.
What are the main resistance levels to keep an eye on for Ethena?
ENA, at present, appears to be rebounding from its demand area near $0.4374, which acted as a support level following the recent decline in the altcoin’s value. However, the next major hurdle is expected around $0.5249, presenting a formidable challenge for the price to surpass.
If ENA successfully breaches this resistance, it is likely to face another obstacle at $0.6770. Therefore, these resistance levels will have a crucial role in determining the sustainability of the current bullish trend.
Breaking through these key levels will be essential for ENA if it aspires for an extended positive trend.
Analyzing the daily active addresses
The number of daily active addresses for ENA peaked at 1130, indicating moderate user participation. This increase implies a growing interest in ENA, albeit at a steady pace. Moreover, escalating network activity could enhance the overall positive sentiment if it remains consistent.
However, solely relying on this upsurge may not ensure further appreciation in price unless supported by other indicators like transaction volume. Hence, the steady rise in active addresses might signify that ENA is laying a strong foundation for future price growth.
Can the transaction count for Ethena bolster its upward movement?
The transaction counts for ENA also exhibited a moderate rise, reaching 1120. Although not a significant surge, this uptick implies that there is a continuing demand for ENA. As the price of ENA climbs, additional transaction activity could provide the necessary momentum to break through the resistance levels.
However, if the transaction volume declines, the price might struggle to maintain its upward trajectory. Therefore, transaction activity could have a pivotal role in supporting ENA’s price in the short term.
In/Out of the Money – Are bulls in a favorable position?
Currently priced at $0.4838, the majority of Ethena holders are “in the money,” with nearly 70% of them holding profitable positions. This development hints at a positive outlook for potential bullish momentum, as more holders are likely to retain their investments if the price continues to rise.
Nevertheless, the proportion of addresses “out of the money” appears to be relatively low, suggesting that sellers may exercise caution as they await higher price levels.