- Ethena seemed to force the escape from the down channel and prepare a higher rally.
- Net
Ethena (ENA) stopped the optimistic market structure for a day. The shift occurred on May 10 and occurred when the transfer lower of $ 0.35 was violated from the chart.
Source: TradingView ENA/USDT
Interestingly, the interruption of this market has passed through the lower channel. Last week, ENA tried to re -examine the highest channel with support and go higher.
As Bitcoin (BTC) is closer to the new all -time high, the optimistic feelings of the encryption market are close to happiness. This can be overflowing with the Altcoin market and higher prices.
According to the technical analysis of ENA, trading volume has been raised over the last 10 days. OBV also exceeded the highest level in March and April. Meanwhile, for the same day, RSI did not form a weakness of weakness. The indicator reflects the stimulus and purchase pressure of the strongest and indicates additional profits for Ethena.
The warm -chain metrics warns of overrated ENA
Source: Santiment
Ethena’s daily active speech has been praised for the last three weeks. The best activity on May 9 was the biggest daily day since February 6.
Nevertheless, demand for etena tokens has not spread. The average coin era metric has been on a steady decline with rally since mid -February. The average coin era bounce appeared in May.
In general, MCA rise suggests the entire network accumulation. But lower than December and January suggested that ethena could be close to the tail of the distribution stage. Despite the escape through the channel, the ENA did not show strongly on the higher period of press time. Especially after profits in November and December.
Finally, the MVRV ratio agrees with this discovery and shows that the 180 -day holder is a minor loss of 14.5%. ENA, combined with urgent MCA, did not seem to provide long -term purchase opportunities.
In addition, as the NVT value has increased in certain times in the last few months, the volume of transactions has emerged. This may be a sign of over -assessment assets because the amount of warmth transfer did not match the market cap growth.