- Ethena trades at $1.04 after gaining over 5%.
- ENA’s daily trading volume has surged by 74%.
As the calendar turns to a new year, the cryptocurrency market is turning bullish. The overall market cap has reached $3.41 trillion, with Bitcoin (BTC) trading at $96.5K. Meanwhile, the altcoin Ethena (ENA) has surged by over 5%.
In the early hours, Ethena traded at $0.9866 and eventually, mounted to a daily high of $1.07. At the time of writing, ENA trades at $1.04, with its daily trading volume reaching $415 million. Notably, the market observed a $1.04 million worth of Ethena liquidation within this period.
Contrarily, as per the analysis, Ethena has been on a strong uptrend since November, stabilising around $1.02. The RSI, which had been in overbought territory, is now cooling down. The key support is at $0.80, with resistance at $1.20. The outlook remains positive, with a 7/10 confidence level for a continuation toward $1.40.
Is ENA’s Momentum Built to Last?
Ethena’s four-hour trading window reports the upside momentum. The current bullish outlook might have the potential to push the price toward the $1.10 mark. A steady climb beyond this mark could drive ENA to test the crucial resistance at $1.16.
On the flipside, if the positive sentiment of the asset reverses, the immediate support of ENA might appear at the $1 range. Failure to hold this mark could propel a steeper decline, and Ethena may find its subsequent support at $0.9468.
In addition, the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, forecasting the positive sentiment. Moreover, traders often interpret this crossover as a signal to buy or go long.
The indicator which assesses the capital flow, the Chaikin Money Flow (CMF) is positioned at 0.07, suggesting a positive money flow. The value indicates a mild buying pressure on the asset. In the meantime, Ethena’s daily trading volume has surged by over 75.27%.
The current market sentiment of ENA leans bullish, and there might be room to hit the overbought threshold as the daily relative strength index (RSI) is found at 61.17. Ethena’s daily frame reveals the short-term 9-day MA above the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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