Ethena (ENA), with the goal of surpassing the $1 threshold, is generating discussions among investors and analysts regarding its potential price trajectory. The cryptocurrency is currently maintaining its momentum amidst significant trends involving artificial intelligence and memecoins. Based on recent sentiment and market trends, ENA is displaying indications of an upward trend.
Sustained Interest in Ethena
As Ethena (ENA) approaches the critical price point of $1, the latest market dynamics suggest a possible upward trend. The token, which is currently trading at around $0.90, has experienced significant activity in trading volume and investor sentiment.
Recent data shows a strong holding model among investors, with 67.45% of ENA holders being out of the money, meaning their holding prices are higher than the current market price. This is likely to slow down sales at current levels and result in the majority of shareholders continuing to hold their assets until their positions reverse.
Furthermore, ENA’s network data reveals a healthy and growing ecosystem despite a slowing market. Despite volatility, the total number of ENA holders has maintained relatively stable growth, with over 36,000 new owners last month. Although the daily creation of new addresses indicates a declining network growth that mirrors the price trend, it is worth noting that shareholders are still holding onto the token.
Analysis of ENA Chart
The technical analysis of ENA’s price chart shows a consolidation phase in which the price is balanced above key Fibonacci support levels. The Relative Strength Index (RSI), currently at 55, indicates a balanced market condition, neither overbought nor oversold.
This stability, combined with sustainable shareholder growth, presents a situation for a potential price increase after a prolonged consolidation period. ENA is currently positioned between the 0.737 and 0.5 Fibonacci levels, representing a strong consolidation area. A rise towards $1 is likely, and if this psychological resistance area is overcome, the price will probably test $1.12 in the next step.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
