Ethena (ENA) is currently trading at $0.5112, marking a 21% increase over the past 24 hours. Within this period, $3.89 million in ENA was liquidated. Following Donald Trump’s victory, the cryptocurrency market surged, reaching a total market cap of $2.51 trillion, with Bitcoin (BTC) reaching an all-time high of $76,000. Major cryptocurrencies show widespread positive gains.
Ethena has seen a strong bullish breakout, placing it at the top of the gainers’ list in the early hours, with its price fluctuating between $0.4144 and $0.5474 in the last day. ENA reached a high of $0.5491 and is now trading at $0.5112, according to CoinMarketCap. During this time, Coinglass recorded $3.89 million worth of ENA liquidations.
On a weekly scale, Ethena has recorded a steady 45% gain, beginning at $0.3535 and climbing past $0.4062 midweek to its current level.
Can ENA Sustain Its Momentum?
Ethena’s four-hour technical indicators reflect a bullish sentiment. The Moving Average Convergence Divergence (MACD) shows the MACD line above the signal line, signaling potential upward movement.
Meanwhile, the Chaikin Money Flow (CMF) sits at 0.37, suggesting increased capital inflow, while ENA’s daily trading volume has grown by over 60%.
Currently, ENA is in the overbought range with the daily Relative Strength Index (RSI) at 77. The short-term moving average on the daily chart is also above the long-term average, reinforcing the bullish outlook.
If the upward trend continues, ENA may break its immediate resistance at $0.5394, potentially rising further if bullish momentum persists. However, if bearish pressure develops, the price could fall below $0.4837, with additional losses possible.
Disclaimer: This analysis reflects the author’s opinion only and should not be considered investment advice. TheCryptagon team advises readers to conduct their own research before making any investments.
