Ethena [ENA] recently signaled a buying opportunity on the 12-hour chart using the TD Sequential indicator, suggesting a potential recovery following a period of decline. As of the latest update, ENA was valued at $0.4838, showing a 4.49% increase in the last 24 hours.
Despite the positive technical signal, future progress is expected to face various resistance levels that could impede the upward trajectory of the price. Consequently, investors are closely monitoring the asset’s ability to overcome these significant barriers and sustain its positive momentum.
Which are the critical resistance levels that Ethena needs to overcome?
Currently, ENA is rebounding from its demand zone situated around $0.4374, offering some support following the recent drop in its price. Yet, the next major hurdle lies at approximately $0.5249, posing a formidable challenge for any price appreciation.
If ENA succeeds in surpassing this resistance level, it is likely to face another obstacle at around $0.6770. These resistance thresholds will be pivotal in determining the continuity of the prevailing bullish trend in the market.
Breaking through these key levels will be essential for ENA if it aims for a sustained upward movement.
Reviewing the Daily Active Addresses
The daily active addresses for ENA peaked at 1130, indicating a reasonable level of user engagement. This uptick suggests a growing interest in ENA, albeit at a steady pace. Moreover, sustained network activity could bolster overall bullish sentiments in the market.
However, increased active addresses alone may not ensure further price appreciation unless supported by other metrics such as transaction volume. Hence, the steady rise in active addresses may indicate a solid groundwork for potential price upswings.
Can ENA’s Transaction Count Drive Its Upside Potential?
The transaction counts for ENA exhibited a moderate increase, reaching 1120. Although not a substantial surge, this rise implies a consistent demand for ENA. As the price of ENA trends upwards, heightened transaction activity could provide the necessary momentum to breach the resistance levels.
Nevertheless, a decline in transaction volume might hinder the price from maintaining its positive momentum. Therefore, transaction activity could play a crucial role in supporting ENA’s price movement in the short term.
In/Out of the Money – A Position Favoring Bulls?
At the current price of $0.4838, the majority of Ethena holders find their positions profitable, with nearly 70% of holders showing gains. This favorable scenario indicates potential bullish momentum, as more holders are likely to retain their investments if prices continue to rise.
However, the proportion of addresses “out of the money” appears relatively low, suggesting that sellers may adopt a cautious stance as they anticipate higher valuation levels.