The Ethena (ENA) market activity gained momentum in the most recent trading session. Volume growth was sharp, and buyers became more involved, indicating more robust engagement in the short term.
As of press time, Ethena (ENA) is trading at $0.2083, which represents a 0.49% increase in 24 hours. Trading volume increased 61.7% to $147.95 million. The token is still lower this week, despite the daily gain, recording a decline at 0.54%.
Source: CoinMarketCap
Ethena Bearish Continuation Triggered Below $0.2062
Analyst Umair Crypto highlighted that ENA continues to trade in bearish flag targets on the daily chart. He pointed out that price action still closely adheres to the trajectory. The deficiency in the deviation maintains the bearish setup.
Similar pressure is seen in shorter periods. Analysts found a new bearish flag formation on the four-hour chart. Momentum has become central in the determination of direction. The relative strength index trendline is the key indicator that Umair Crypto identified.
Further weakness could be validated by a broken RSI support. The analyst further stated that a four-hour candle below the 50 simple moving average of $0.2073 would give a better argument on the bearish side. A close below $0.2062 would be an obvious signal of continuation.
Source: X
With the arrangement validated, ENA may encounter a pullback of 5% to 7%. The downside targets are within a range of $0.195 to $0.192. This is the second area of interest for short sellers in case of momentum loss. Traders are also monitoring $0.2018 in case of any downward trend. An increase in volume there could be an indication of a local reversal attempt.
Crypto Coral, another analyst, mentioned that ENA remains in an upwards trendline. The building exhibits great lows as they develop. This implies that buyers are active around support areas.
A trendline bounce can bring the price to a major resistance zone higher than the current price. If the buying strength establishes itself, such a situation would test the bearish outlook. Until then, the price is able to hold above the four-hour 50 SMA, which continues to put pressure on.
Source: X
ENA Open Interest Rises 2%, Signaling New Positions
According to CoinGlass data, ENA trading volume has increased by 87.50% to $483.71 million. Open interest increased 2.04% to $305.89 million, which indicated new positions in the market. The Ethena OI-weighted funding rate stood at 0.0032%.
Source: CoinGlass
The liquidation data is moderate. Total liquidations stood at $499.16K over the last 24 hours. The long liquidations amounted to $358.04K, and the short liquidations amounted to $141.12K. The figures indicate active positioning as traders await the next move of Ethena.
Source: CoinGlass
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