Ethena soars 16% in the last 24 hours – Will this trend last?


  • The token’s worth elevated by over 16% within the final 24 hours alone.
  • Promoting strain on ENA was rising, which may trigger a worth correction. 

Ethena [ENA] showcased spectacular efficiency prior to now 24 hours because the token’s worth rallied by double digits.

Due to this fact, AMBCrypto deliberate to dig deep and learn how the token’s on-chain metrics had been affected and what to anticipate subsequent. 

Monitoring Ethena’s bull rally 

CoinMarketCap’s data revealed that Ethena bulls pushed onerous over the past 24 hours because the token’s worth surged by 16%. Actually, the bulls dominated closely final week.

ENA’s worth elevated by over 40% within the final seven days, which was a commendable quantity. On the time of writing, the token was buying and selling at $0.4015 with a market capitalization of over $1.1 billion.

Regardless of such a serious worth rise, many of the traders had been at loss.

AMBCrypto’s evaluation of Intolock’s information revealed that solely 6.29k ENA addresses had been in revenue, which accounted for 15% of the entire variety of ENA addresses.

Issues on the social entrance additionally didn’t look good. After we checked Santiment’s information, we discovered that Ethena’s Weighted Sentiment went contained in the detrimental zone. This indicated that bearish sentiment was rising. 

ENA's volume increased

Supply: Santiment

Nonetheless, the token’s buying and selling quantity elevated in the previous few days, whereas ENA’s worth surged. Although at first sight this may look bullish, there was extra meat to the story.

Notably, whereas the buying and selling quantity elevated, ENA’s provide on exchanges additionally elevated. This indicated that traders had been truly promoting the token.

On prime of that, Ethena’s provide outdoors of exchanges dropped, and its trade outflow spiked. Each of those metrics clearly recommended that promoting strain on the token was excessive.

An increase in promoting strain usually leads to worth correction.

Our have a look at Coinglass’ information revealed yet one more bearish metric. Ethena’s Lengthy/Quick Ratio dipped, that means that there have been extra brief positions available in the market than lengthy positions. 

ENA's long short ratio dropped

Supply: Coinglass

Monitoring ENA’s upcoming targets

AMBCrypto then assessed the token’s every day chart to search out out what market indicators recommended and ENA’s attainable targets. We discovered that the Cash Stream Index (MFI) registered a downtick.


Learn Ethena [ENA] Price Prediction 2024-25


Ethena’s Relative Energy Index (RSI) was additionally about to enter the overbought zone. 

Each of those metrics hinted at a worth correction. If that occurs. Then ENA may drop to $0.35. Nonetheless, if the bull rally lasts, Ethena may efficiently go above its resistance at $0.411. 

Supply: TradingView



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