Ethena (ENA) token has demonstrated a 12% increase in the last 24 hours and aims to break the crucial resistance level at $0.65.
Current Market Situation
As of writing, ENA was trading around $0.63 with a daily trading volume close to $780 million. Despite being down 5% over the past week, the short-term trend shows renewed strength. The token remains in consolidation just below the $0.65 level, which has been a significant point in previous market cycles. Analyst CryptoAmsterdam noted that 'breaking and holding above this range could act as a trigger for further movement up.' If that happens, price targets may shift toward $0.75.
Indicators Support Upward Trend
On the 4-hour chart, ENA trades above the 20, 50, 100, and 200-period exponential moving averages (EMAs), aligned in a bullish order, with the current price well above the 200 EMA near $0.49. This pattern often suggests a continuation in the current trend. The Money Flow Index (MFI) reads 57, indicating growing buying interest while still leaving room before reaching overbought conditions.
Retail Trader Activity
Data from CryptoQuant shows retail activity has sharply increased. The latest readings in the $0.60 to $0.70 range are marked as 'Too Many Retail', indicating heavier participation by smaller traders. Similar past clusters have often appeared near local peaks. Crypto Rand noted the same trend, pointing to strong inflows and steady consolidation. The current trading pattern suggests the market is waiting to see whether the $0.65 level will break or hold.
The $0.65 level remains crucial for Ethena. A confirmed breakout could open the path toward higher targets, whereas failing to hold above this line may bring prices back to lower ranges.
