Ethena trades at $0.5112 after gaining over 21% in the last 24 hours.
$3.89M in ENA liquidated within this timeframe.
The cryptocurrency market celebrates Donald Trump’s victory with bullish momentum. The overall market cap has reached $2.51 trillion, with Bitcoin (BTC) hitting an all-time high at $76K. The crypto market sees a green wave across major assets.
Notably, the bullish breakout of Ethena (ENA) positioned the asset on top of the gainers’ list in the morning hours, after gaining over 21%. In the last 24 hours, Ethena’s price has been oscillating between $0.4144 and $0.5474 levels.
The asset has climbed from a low to a high of $0.5491. At press time, ENA traded at $0.5112, as per CMC data. Consequently, the market observed a liquidation of $3.89 million worth of ENA during this timeframe, as per Coinglass.
The asset’s weekly price chart recorded a steady gain of over 45%. Ethena began trading at $0.3535, in the middle of this week, the asset tested the $0.4062 mark and climbed to the current price level.
Can ENA Hold Momentum?
Zooming in on Ethena’s four-hour technical indicators, it infers the asset’s current bullish outlook. The Moving Average Convergence Divergence (MACD) line is settled above the signal line, pointing to a possible bull market resurgence.
ENA chart (Source: TradingView)
In addition, the Chaikin Money Flow (CMF) indicator is positioned at 0.37, hinting at the increased money flow. Meanwhile, the daily trading volume of ENA has surged by over 60%.
The current market sentiment of the asset is in the overbought territory, as the daily relative strength index (RSI) is hovering at 77. The daily frame of ENA exhibits the short-term moving average above the long-term moving average.
Moreover, the four-hour price chart of ENA exposes the possibility of the upside correction, if the positive momentum persists. ENA’s price might have the potential to break the immediate resistance at $0.5394 and can aim high as the bulls hold the price. On the flip side, if the bearish pressure starts to build, the asset could slip below the $0.4837 range. Further losses might push Ethena’s price even low.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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