What you need to know
Ethena has risen by 31 percent in one week, reaching $0.855. This has been driven by a strong network, retail led buying and positive technical indicators.
Ethena [ENA] The charts show that the price of the cryptocurrency has risen by 30.98% in the last week. It went from $0.51 up to $0.855, a seven-month high. The strength of the currency has been mirrored on both monthly charts and yearly charts, with gains between 143% and 1502%.
ENA traded at $0.8086 as of press time. This represents a 9.05% increase in 24 hours. The rising activity of the network, positive sentiment and consistent capital inflows have all contributed to its success.
Naturally, traders now look forward to the next phase of this Ethena Price Cycle.
Record adoption of network services
Santiment’s data shows Ethena has been registering positive Price DAA Differece for seven consecutive days.
A sustained positive DAA divergence can be a signal of an increasing fundamental demand. Particularly with the growth in network usage, and also engagement.
Santiment
The asset will often be undervalued in comparison to the network’s activity. This usually means that the asset may have more upside potential as it aligns its price with demand.
The profitability of the chain at the moment this article was being written seemed to support that. This is especially true since the ratio between profit and loss in transactions was 4,16. There were 75,38 million transactions that showed a profit against 18.08 millions in losses.
Santiment
Whales are more cautious today.
Ethena Whales have yet to appear on the market, which is surprising, given the recent price increase.
CryptoQuant’s data on average order size for the spot market suggests that there are no whales in the marketplace.
CryptoQuant
The chart above shows that there were no Big Whale Orders over the last 30 days. The Futures Order Size Data also appeared to reflect the lack of big positions.
According to the Futures Order Size Average data, the pattern also exists in the Futures markets. In the Futures market too, whales took a step back – A sign of less speculative activity from large entities.
CryptoQuant
The whales’ cautious attitude is reflected in their withdrawal from Spot and Futures trading. They are waiting for the right motivation.
Retail traders drive spot buying
Last but not least, retail activity has dominated the recent spots.
Coinalyze reported that Ethena had three consecutive Buy-Sell Deltas. ENA had 84.2 Million in Buy Volumes and 75,000,000 in Sell Volumes at the time of press.
Coinalyze
As a result, the spot market saw a positive Buy- Sell Delta of 8.33 million – A slight hike from 8.09 million the previous day.
A positive Delta usually indicates a higher level of buying pressure in relation to the selling pressure. Often, this is a precursor to rising prices.
Price prediction
Ethena, (ENA) has recently recovered from its $0.55 low and is successfully holding the $0.60 level of support. The price bounced back strongly shortly after.
Usually, if prices are above SAR then buyers may have taken control of the market and upward momentum is strong. Moreover, the Stochastic RSI surged to 85.37 – Further confirming the buyers’ presence.
TradingView
It is possible to push the price up towards $1 if buyers maintain price at or above $0.70. If this price zone is not maintained, ENA could be pushed back down to $0.55.
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Source: ambcrypto.com
