- Ethena price becomes 20% higher after listing in the exchange Upbit.
- There is good bullish momentum in ENA as confirmed by MACD and RSI.
- Korean trade enhances volume and trust in Ethena.
In the daily chart, Ethena has recently experienced an impressive bullish action, which means that traders are becoming more interested. The bullish momentum is partly caused by the sharp rise in trading volume on Korean crypto exchanges, such as Upbit
In the last four days, the price registered green candles, with the most recent one closed at prices above $0.41. Such an increase signals a strong breakout, showing bulls currently have the upper hand in the crypto market momentum.
A Strong Breakout Situation in Ethena
In the MACD indicator, the orange signal line is currently crossed below the blue MACD line. It is a typical indication that forces are changing in favour of the buyers. The green bars are also increasing, which ratifies the fact that the strength of this bullish movement is escalating.
Source: TradingView
The RSI has also made a sharp advance and is now near the level of 70, which is considered to have strong buying pressure. This indicates the increasing confidence of the investors, but a movement beyond 70 may also signify that the coin is about to reach oversold territory. Nevertheless, the steep slope of the RSI line is an indication of the positive momentum being firm.
Also Read | Ethena Soars Over 36% Weekly, Eyes Set on $0.44 Amid Bullish Signals
Ethena’s Bullish Trend And Korean Market Buzz
The recent network developments further enhance the technical analysis for Ethena. The altcoin recorded a gain of 20% earlier today.
There is a close correlation between this price jump and an increase in buying volumes, especially in South Korea. The volume boost has to do with the recent listing of ENA on the Upbit exchange. ENA was listed on July 7 on the exchange, getting a lot of traders interested.
The technical clues, coupled with the news, give a positive short term outlook for ENA. Looking at the current momentum, ENA might reach the $0.48 to $0.52 mark in the next few days, as the price level of $0.41 has become a strong support point presently.
Also Read | Ethena (ENA) Signals Turnaround as Price Holds $0.245–$0.250 Base
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
