- Ethena climbs to $0.4271 after gaining 13%.
- $3.25M in ENA liquidations hit the market.
The extended downturn in the crypto market has pushed Bitcoin down toward $86K, while Ethereum hovers around $2.1K. However, Ethena (ENA) tells a different story—defying the slump and rallying over 13.47%, securing its place as the day’s top gainer.
In the early hours, Ethena traded at a low of $0.376. After riding the wave of bulls, ENA mounted to a high of $0.4572, breaking crucial resistances at $0.3979 and $0.4487.
At press time, Ethena traded at $0.4271 with its market cap reaching $1.37 billion. Furthermore, the market has observed a liquidation of $3.25 million worth of Ethena within this period. Besides, the daily trading volume has touched $695 million.
ENA’s monthly price chart exhibits a steady loss of over 21.72%. The asset began trading at its monthly high of $0.5488. Ethena’s momentum was highly volatile and it slipped to a low of $0.3388 mark.
Can Ethena Stay in the Green?
The upside correction of Ethena might push the price to its crucial resistance at $0.4688. Assuming the formation of the golden cross, a continued push past this threshold may send the asset’s price soaring to $0.52.
On an uptrend reversal, Ethena’s weaker support range could be found at $0.3946. Holding this level is crucial to avoid more downside. A drop below might open the doors for a further slide to $0.31.
In addition, the Moving Average Convergence Divergence (MACD) line is above the signal line, indicating a bullish crossover. The asset’s momentum is strong with the domination of the buying pressure.
The Chaikin Money Flow (CMF) indicator settled at 0.04 suggesting some accumulation, but not strong enough to confirm a robust uptrend. Meanwhile, ENA’s daily trading volume has surged by over 15.43%.
The asset’s Bull Bear Power (BBP) value of 0.05422 signals that bulls have slight control over the market. The current market sentiment of Ethena is bullish and might approach the overbought zone with the daily relative strength index (RSI) stationed at 60.13.
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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