- Ethena price is favoring bulls and a massive breakout may be visible soon.
- ENA crypto price breaks out above the 50-day EMA level.
Ethena’s price rose 10% in the last 24 hours showcasing buyers’ presence at the lower level. On the 4-hour timeframe, it gave a breakout above the 50-day EMA level indicating a short-term trend in the upward direction.
In the 4 hours time frame Ethena’s price sustained above the 50-day EMA, indicating mild bullishness. But until buyers succeed in breaking out of the $0.58 resistance the confirmation of the trend reversal is awaited.
According to CoinMarketCap, currently, ENA is trading at $0.4542 with an intraday surge of 10%. The 24-hour trading volume is up by 260% and the volume to market cap is 38.56%. The 24-hour trading volume was $563.99 million and the market cap stands at $1.42 billion.
According to the Defillama data, Ethena’s Total Value Locked has increased from $364.63 million to $5.976 billion in the last year. The increased TVL indicates the platform’s success and growth. The higher TVL is also indicated that the user’s confidence is increasing in Ethena.
Is Ethena Price Getting Ready For A Massive Rally?
The ENA price has been stuck in a bearish grip since December 2024. The price was halted at the level of $1.32 and then broke below the key EMA levels. However, it is also due to weak market sentiments.
Ethena price analysis suggests new swing highs may be visible in the coming days. Buyers need to support the price and push it above the $0.58 resistance to break the long bearish hold. It will also attract more buyers and ignite a further rally.
The RSI stands at 39 denoting the price is in bearish territory. However, the current spike in price turned the RSI curve in an upward direction. Furthermore, the recent up move in ENA price shows that the correction has taken a halt and the time for reversal has arrived.
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