Ethena (ENA) has become a topic of discussion among investors and analysts as it strives to overcome the $1 threshold. Despite the presence of major trends in artificial intelligence and memecoins, the cryptocurrency is currently maintaining its momentum. Recent sentiment and market trends indicate that ENA is displaying signs of an upward trajectory.
Continued Interest in Ethena
As Ethena (ENA) approaches the crucial price point of $1, the latest market dynamics suggest the possibility of an upward trend. The token, which is currently trading at approximately $0.90, has witnessed significant activity in terms of trading volume and investor sentiment.
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Updated data reveals a strong holding model among investors, with 67.45% of ENA holders having purchased the token at a higher price than its current market value. This situation is likely to slow down sales at current levels, as the majority of shareholders are inclined to hold onto their assets until their positions become profitable.
Moreover, ENA’s network data indicates a healthy and expanding ecosystem, despite a slowdown in the market. Despite the volatility, the total number of ENA holders has steadily grown, with over 36,000 new owners joining last month. While the daily creation of new addresses has declined, reflecting the price trend, it is worth noting that shareholders are still retaining their tokens.
ENA Chart Analysis
The technical analysis of ENA’s price chart reveals a consolidation phase, with the price remaining balanced above key Fibonacci support levels. The Relative Strength Index (RSI), currently at 55, suggests a market condition that is neither overbought nor oversold.
This stability, coupled with sustainable shareholder growth, sets the stage for a potential price increase following a prolonged consolidation period. ENA is currently situated between the 0.737 and 0.5 Fibonacci levels, creating a strong consolidation area. A rise towards $1 is highly likely, and if this psychological resistance zone is overcome, the price may test $1.12 in the next phase.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research.
