The cryptocurrency Ethena has shown a 10% increase in the last 24 hours, indicating the presence of buyers at lower levels. A breakout above the 50-day EMA level suggests a short-term bullish trend.
Current Ethena Price Dynamics
On the 4-hour chart, Ethena's price sustained above the 50-day EMA, indicating mild bullishness. However, for confirmation of trend reversal, the resistance of $0.58 must be broken.
Trading Volume and Market Capitalization
According to CoinMarketCap, the current price of Ethena is $0.4542 with a daily surge of 10%. The 24-hour trading volume increased by 260%, reaching $563.99 million, indicating significant market activity.
Chart Analysis and Forecasts
The ENA price has been in bearish territory since December 2024, halting at $1.32. However, the recent price spike suggests that the correction has halted and a reversal trend is anticipated. The RSI is at 39, showing bearish conditions with a potential for improvement.
Considering the increase in TVL and recent price surge, Ethena seems poised for a new rally. Nevertheless, buyers need to maintain the price above the $0.58 resistance.
