Glimpse

Ethena

<ul class="list-ic vertical">
 <li><span>1</span> <a>ENA price retested the 20-day EMA mark and is heading toward the $1 mark.</a></li>
 <li><span>2</span> <a>Buyers have regained momentum and are looking to get back into the battle.</a></li>
</ul>
<p>The <strong>Ethena (ENA) price</strong> has shown retracement and retested the support zone of $0.750. Afterward, significant buying interest was noted, and the token reverted from there.</p>
<p>Moreover, the token is on the verge of registering a sharp swing ahead. If the bulls succeed in reaching the $1 mark, more delights can be seen ahead.</p>
<p>At press time, <strong>ENA price</strong> traded at $0.9033 with an intraday surge of 5.10%, reflecting bullish sentiment in the last 24 hrs. It has a monthly return ratio of -28.30% and 197.78% yearly.</p>
<p>The pair of ENA/BTC is at 0.0000144 BTC, and the market cap is $1.30 Billion. Analysts are neutral and suggest that the <a href="https://www.thecoinrepublic.com/2024/04/22/ethena-price-resurgence-can-2-day-affluence-assist-it-to-rise/" target="_blank" rel="noopener noreferrer nofollow"><strong>ENA price</strong> </a>may retain the shine and outperform in the upcoming sessions.</p>
<h2 class="wp-block-heading" id="strong-price-action-outlook-ethena-ena-might-outperform-strong"><strong>Price Action Outlook: Ethena (ENA) Might Outperform&nbsp;</strong></h2>
<p>Per the Santiment data, the <strong>ENA token </strong>has split the trendline hurdle and regained shine this week. The price action highlights fresh buying momentum, but bulls need to secure the $1 mark soon.</p> <iframe loading="lazy" title="Santiment Chart: Price (ENA), Volume (ENA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethena&amp;pt=ENA&amp;df=2020-04-08T00%3A00%3A00.000Z&amp;dt=2024-05-10T18%3A29%3A59.928Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%224h%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>However, the trading volume still looks flat and is still a concern for the investors who were eager to enter into the trade. The intraday trading volume shows a drop of over 32.89% to $283.23 Million.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-social-volume-glimpse-negative-outlook-strong"><strong>Price Volatility &amp; Social Volume Glimpse Negative Outlook</strong></h3>
<p>Amidst the price accumulation, the price volatility still goes lower and signifies a decline in the trading activity, which replicates that investors are not looking confident in buying ENA token.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (ENA), Social Volume (ENA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethena&amp;pt=ENA&amp;df=2020-04-08T00%3A00%3A00.000Z&amp;dt=2024-05-10T18%3A29%3A59.928Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2368DBF4&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Additionally, the popularity on the social platforms showed a notable drop, which signified a drop in the last sessions. The social volume value dropped over 2.13%, noting around 1.</p>
<h4 class="wp-block-heading"><strong>What Does Development Activity and Amount Of Holders Data Indicate?</strong></h4>
<p>This week, the total amount of holders showcased a sharp rise and reached the high mark of 37.8k, implying an impressive number.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (ENA), Total Amount Of Holders (ENA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethena&amp;pt=ENA&amp;df=2020-04-08T00%3A00%3A00.000Z&amp;dt=2024-05-10T18%3A29%3A59.928Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Bholders_distribution_total&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>However, the <strong>development activity</strong> looks neutral and has witnessed ups and downs in the last few sessions, noting a decline of over 1.28% to 0.024.</p>
<h3 class="wp-block-heading" id="strong-futures-open-interest-strong"><strong>Futures Open Interest</strong></h3>
<p>The derivative data highlights the <strong>long buildup activity, </strong>and the open interest spiked over 10.24% to $227.73 Million, reflecting fresh buying momentum.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/3jrZxqSCd_nt4s5pdRMX7ac8gke78pQjCaYBk1vmaytIbQfXngr205DxlaDSfQvr06-bCzxtRQ2v1qK9pPnBWJSA0PtzujCuB1GYUm2ygvMH3b99xxfENuN1SY1PP3W1w3V8MvjAcGb99OgXNUt-LUI" alt="">
 </figure>
</div>
<p class="has-text-align-center">Source: Coinglass</p>
<h3 class="wp-block-heading" id="strong-historical-in-out-of-the-money-strong"><strong>Historical In/Out Of The Money</strong></h3>
<p>According to the above chart, only 18.95% of in-the-money holders are currently profitable. Over 80% of holders are looking to secure gains, indicating a negative outlook.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/s0Qeh1KtSvE1JgXxlR8KHNyeebUB8TyC1Apti_acAwRcoSDBWonEeng42DwwDzFzUXAqc6kHP0L7arseApQcuJj5uGEvhRQEHF1UWC-p8PjOyLEViITSYIcn1g4iQB7Zxq4Sg3o2gluAzrhAbbJzYD0" alt="">
 </figure>
</div>
<p class="has-text-align-center">Source: IntoTheBlock</p>
<p>The momentum indicator (<strong>Relative Strength Index</strong>) data looks positive, and the curve stands at 65 in the overbought zone, replicating a positive crossover on the charts.</p>
<p>Per the Fibonacci retracement levels, the <strong>Ethena price</strong> faced the 38.3% zone rejection and still has to cross the $1 mark. The immediate support levels for the <strong>Ethena (ENA)</strong> are $0.920 and $0.900, whereas the key upside hurdle is around $1, followed by $1.15.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The <strong>Ethena (ENA) price </strong>action highlights the buyer accumulation and is heading toward the $1 mark. Key indicators indicate a positive outlook and the ENA price may outperform in the next sessions.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Ethena (ENA) Price Flipped From Bottom: Can It Retain $1 Mark?

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