Ethena, a cryptocurrency, has been experiencing a price surge of 6.28% over the past 24 hours, indicating a potential rise in dominance in the market. The ENA token currently trades at a market price of $0.4302 with a market cap of $1.35 billion, making it the 60th biggest crypto project. The ENA price trend shows a declining trend in the daily chart, but recent bullish candles and a V-shaped reversal suggest a potential breakdown of the declining trend. The increased price volatility has caused Ethena to fluctuate near the 61.80% Fibonacci level at $0.4106, with a 14% recovery over the past two days. The MACD and signal lines have given a positive crossover, indicating a potential recovery, and the daily RSI line is gradually recovering above the oversold boundary, projecting a breakout rally. Additionally, two whales have withdrawn a total of 23.93 million ENA tokens, worth nearly $9.7 million, suggesting a potential comeback for Ethena. A potential wedge breakout in the daily chart could challenge the 23.60% Fibonacci level near $0.822, while a bearish turnaround could test the 78.60% level near the $0.30 psychological support.



Other News from Today