Ethena ($ENA ) continues to draw investor attention after a 2.74% gain in 24 hours, peaking at $1.01 before retracing to $0.972. With a market cap of $2.85 billion and a trading volume of $445.4 million (+84.83%), Ethena is exhibiting strong market activity and liquidity.
Key Metrics:
Market Cap-to-TVL Ratio: 0.4812 (healthy balance relative to $5.95 billion TVL).
Fully Diluted Valuation (FDV): $14.57 billion, reflecting significant long-term potential.
Current Price: $0.9628 (+4.86%).
Technical Analysis:
Resistance Levels:
Strong resistance at $1.03. A breakout could lead to a rally toward $1.10.
Support Levels:
Immediate support at $0.94, with critical downside protection at $0.90.
Indicators:
RSI: At 50.37, momentum is neutral but leaning slightly bullish (average RSI: 53.37).
Moving Averages:
9-day MA: $0.9873
21-day MA: $1.0366
A recent bearish crossover suggests possible consolidation, but a bullish crossover could reignite upward momentum.
Market Outlook:
Ethena’s surge is supported by strong fundamentals, including its robust market cap and locked value. If bullish sentiment and high trading volumes persist, breaking the $1.03 resistance is likely, paving the way for further gains. However, traders should monitor key support levels closely to mitigate downside risks.
Actionable Insights:
Watch for a bullish breakout above $1.03 for potential long positions.
Protect gains with a stop loss near $0.94 to manage downside risks.