- ENA tested important support levels with core resistance points of $ 0.60658 and $ 0.76939.
- Positive market sentiment was led by increased network activities, open interests and short liquidation.
Ethena (ENA) Over the past week, new and active addresses have soared, experiencing significant growth of network activities.
The price of ENA in the press time was $ 0.4611, an increase of 10.16% in 24 hours. The jump emphasized the increase in demand for assets by 257.25% of 24 -hour trading volume.
ENA price behavior analysis -The main level to watch
According to Ethena’s price measures, coins have been in the peak in early January.
At the time of writing, the ENA traded near an important support level of $ 0.455, and traders must monitor closely.
If the ENA can keep it close to this level, the rally for the next resistance is $ 0.60658.
The additional resistance is $ 0.76939 and $ 1.00290, indicating the main levels that determine whether ENA can move to the newest. However, if the price is less than $ 0.455, it can be reduced to $ 0.39235.
Source: TradingView
Survey of network activities
Ethena also increased network activities significantly, with new addresses increased by 328.77% over the past week and 104.60% of activity addresses.
This surge indicates that more users are participating in coins and are growing interest.
As the positive tendency increases in balance, it suggests that the ENA is attracting both new and existing participants.
Therefore, this rise in user activities can play an important role in increasing the price of ENA, especially if this trend continues in the future.
Source: INTOTHEBLOCK
Insight in the market position
67.17%of the ENA address was “money” and maintained more than $ 0.464 for prestation time. Therefore, much of the ENA holder was in a favorable position to reflect the trust of the investor.
Meanwhile, only 10.54%of the address said, “It’s out of money.”
The concentration of “money” positions added to the overall stability of the ENA suggests that most investors have assets rather than sales.
Source: INTOTHEBLOCK
ENA: Optimistic feelings despite short pressure
Ethena’s open interest reached $ 361.4 million, with a remarkable increase of 6.61%. The growth of this open profit indicates that the trust in the market is increasing and more participants are taking a position.
Interestingly, on February 22, the total liquidation reached $ 250.04K in a short position and $ 176.86k in a long location.
The larger liquidation of the short position suggested that the market sentiment is moving to the bull. Therefore, as short traders have to cover their status, the upward pressure on the price of ENA will continue.
Source: COINGLASS
In conclusion, Ethena had significant significant growth in terms of network activities and price behavior.
The level of resistance remains a key element in determining the future price fluctuations, but the surge in open interest and market sentiment is encouraging.
ENA can get additional profits while more traders bet on long positions and short liquids.
Therefore, Ethena will be able to maintain the amount of work and penetrate the major resistance levels in the near future.