The cryptocurrency Ethena has shown significant growth, rising over 8% in the last 24 hours and reaching $0.7042. The daily trading volume has also increased significantly.
Current Price Movement Analysis
Recently, the growth of Bitcoin (BTC) to $95.7K and Ethereum (ETH) to $3.6K has drawn attention to the altcoin market, benefiting Ethena. With a market cap exceeding $2 billion, ENA began trading at $0.6294 and reached $0.7042.
Ethena Market: Prospects and Risks
According to the weekly chart, Ethena has posted a gain of over 34%. However, the market sentiment is neutral, with the RSI approaching the overbought zone. The resistance level may be tested at $0.7589, but if the trend reverses, weak support is expected at $0.6486.
Technical Indicators and Forecasts
Technical indicators such as MACD and CMF suggest positive trends in the Ethena market. The MACD line remains above the signal line, signaling potential positive sentiment, while CMF at 0.08 indicates potential demand.
Ethena's growth continues, but it is important to consider both prospects and potential risks with future market developments.
