- ENA crypto price is facing resistance from the 20-day EMA.
- The 24-hour trading volume in Ethena crypto has increased by 105%.
According to the technical chart, the ENA price shows a slow and steady fall, struggling below the 20-day EMA. Ethena price has gained 15% on an intraday and is about to exceed the 20-day exponential moving average.
ENA crypto price has reached an all-time high of $1.52 on April 11, 2024. However, the buyers needed stronger to hold, and the price performed negatively.
The price has dropped because of resistance from the 20-day EMA. The ENA price has extended to the 20-day EMA, and the trading volume supports the buying momentum.
Ethena crypto price seems to exceed the Basis Bollinger Band (BB) line, and the price may extend to the Upper BB. The price has surpassed the 20-day EMA, which showcases the bullish momentum. Overall, the technical indicators are favoring the positive sentiment.
Significant Change in Daily Active Address Has Detected; What’s Next?
At the beginning of April, the daily active address was 39K, currently at 1.2K. The tremendous negative change in the daily active address has affected the price negatively throughout April.
In the last 2 days, the daily active addresses have decreased by 50%, but the price has gained bullish momentum. Suppose the daily active addresses support the buying momentum, and then a bullish momentum can be expected.
Ethena Crypto Social Dominance and Social Volume Analysis
The interaction and engagement on social media like Instagram, X, and Telegram decreased in April, impacting the price positively. The social volume is increasing, but social dominance needs to grow. If social dominance increases with social volume, this may affect the price positively.
Ethena Price Prediction: Buyers Looking For an All-time High?
The Ethena price traded at $0.900 when writing, which has pumped by 10.47% in the last 24 hours. The market capitalization is $1.27 billion, and the trading volume is $404.20 million. The circulating supply is 1,424,000,000 ENA, and the total is 15,000,000,000 ENA.
Buyers may show interest if the Ethena price sustains the over-the-20-day EMA. Currently, the trading volume is increasing, and if it doesn’t pump, buying momentum can be seen. The price may record a new all-time high if the chart structure attracts investors.
It may keep falling if the Ethena price fails to sustain itself above the moving average. If the trading volume decreases, the price may witness bearish momentum in the next few days.
Conclusion
Ethena crypto price is currently showing bullish momentum. However, monitoring the daily active addresses and trading volume is essential to gauge the buying momentum. If the price sustains above the 20-day EMA and attracts investors, it may reach a new all-time high.
On the other hand, if the price fails to sustain above the moving average and the trading volume decreases, the price may witness bearish momentum in the coming days.
Technical Levels
Resistance: $1.10 & $1.50
Support: $0.750 & $0.620
Disclaimer
This article is for informational purposes only and provides no 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.