- Less than 10% of the maximum supply of the crypto is in circulation.
- Ethena crypto has massive liquidity based on its market cap.
Ethena is a synthetic dollar protocol operating on Ethereum, introduced via Binance Launchpool. Users farm ENA tokens by staking BNB and FDUSD. Primarily used in DeFi, ENA facilitates stablecoin issuance and savings tools, including the Internet Bond. Created by Ethena Labs and led by Guy Young, it offers blockchain-based USD savings instruments.
With a total value of $2.369B, the market cap of the Ethena crypto has declined by 8.26% in the last 24 hours. This further results in a market cap value of $1.388B, and the crypto market cap ranking is #68.
The volume/market cap ratio of the Ethena token is 26.44%, followed by a traded volume of $368.52M in the last 24 hours. Also, the trading volume of the crypto has declined by 3.3%, resulting in a traded volume ranking of #20.
The circulating supply of the crypto is 1.425B ENA, which is just 9.5% of the maximum supply. Moreover, the total and maximum supply of the crypto is the same, resulting in 15.0B ENA. This further results in a fully diluted market cap of $14.617B.
The crypto’s fear and greed index indicates greed among investors. Also, the market cap dominance of the crypto is 0.06%, and it was recently released on the 2nd of April, 2024.
Ethena Crypto Derivatives Analysis
The trading volume of the Ethena crypto derivatives has witnessed a decline of 1.13% in the last 24 hours, which has resulted in a traded value of $796.46M. Following this, the open interest in crypto declined by 4.02%.
The long liquidation for the crypto further is very high, recorded in the last 24 hours, resulting in $899.70K. The short liquidation for the crypto further is just $121.30K.
ENA Crypto Technical Analysis
The current behavior of the ENA crypto price shows weakness as the crypto price slowly declines to lower levels, followed by the formation of a lower low swing pattern.
It also has formed a declining triangle pattern, and the crypto price is trading inside the same. If the crypto price further breaks above the triangle pattern, a further surge in the crypto price might be seen.
ENA/USD Chart by TradingView
The 50-day and the 200-day EMAs are trading in a bearish cross, followed by the crypto price declining below the same. It further shows the dominance of sellers and weakness in the price of the crypto for the short term.
The MACD further shows weakness on the chart as the MACD and the signal line are trading in a bearish cross and have declined below the zero level. The histograms also support the weakness in the price of the crypto.
The RSI is also trading at lower levels, currently trading at 38.9. The RSI has also declined below the 14-day SMA, indicating weakness in the crypto price.
Summary
The future trajectory of Ethena remains uncertain as its price exhibits weakness, forming lower lows and trading within a declining triangle pattern. With only a fraction of its maximum supply in circulation, ENA’s market cap has decreased recently. Derivative activity shows mixed signals, while technical indicators suggest bearish sentiment.
Technical Levels:
- Support levels: $0.520 and $0.820
- Resistance levels: $1.210 and $1.520
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.