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Ethena Price Analysis: Key Support and Resistance Levels to Watch
Ethena Price – Ethena (ENA) has made an impressive comeback, rallying 25.74% to hit a 6-month high of $0.499. The altcoin has captured the attention of traders as more than 200 million tokens were snapped up in just the past 48 hours, signaling renewed interest and buying momentum.
Breaking Out of the Downtrend
Two weeks ago, Ethena successfully broke out of a descending channel, triggering a sustained upward move. Since then, the token climbed sharply from a local low of $0.25 to nearly $0.50 — a remarkable bounce for ENA.
At the time of writing, ENA was trading at approximately $0.4908, reflecting the 25.74% gain in the last 24 hours alone. Alongside price gains, the trading volume surged 132%, reaching an impressive $778.8 million, while market capitalization rose 24% to $3.15 billion. Such simultaneous spikes in volume and market cap often point to heightened capital inflows and increased on-chain activity.
Buyer Momentum Returns Strong
After a nearly two-week cooldown, buyers returned with force. Data from Coinalyze highlights two consecutive days of positive buy-sell delta for the first time in ten days. On July 19th, Buy Volume slightly edged out Sell Volume, with 105.31 million versus 105.02 million tokens. The bullish trend continued on July 20th, where Buy Volume surged to 106.12 million compared to 91.98 million on the sell side.
This aggressive accumulation is a clear sign that spot market demand for ENA is intensifying.
Futures Traders Eye Further Gains
Futures data reveals that investors are betting on higher prices. The Long Short Ratio jumped to 2.58, with long positions making up over 72% of total futures contracts. Positive aggregated funding rates over the past week reinforce this bullish sentiment.
Can ENA Sustain Its Rally?
Technical analysis indicates that ENA has flipped the long-term moving averages (200MA at $0.4417 and 200EMA at $0.41) for the first time since February. Closing decisively above this band would solidify the bullish trend and pave the way for testing the next resistance near $0.68.
However, failure to hold above the 200MA could lead to a retracement back toward $0.41.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
