ENA’s breakout odds – All the factors that might help the altcoin’s price
The post ENA’s breakout odds – All the factors that might help the altcoin’s price appeared on BitcoinEthereumNews.com.
ENA’s breakout from a descending channel tested its critical support, with key levels at $0.35 and $0.47 On-chain signals were bearish, with long liquidations exceeding shorts Ethena [ENA] token recently broke out of a descending channel pattern, sparking optimism among investors. At the time of writing, the altcoin was valued at $0.3583, following a 3.44% decline on the charts. ENA’s market capitalization stood at $1.89 billion, with a 24-hour trading volume of $135.5 million. Despite the breakout, however, the altcoin’s price is still testing crucial levels, leaving the market uncertain. Can ENA maintain this breakout momentum, or will it struggle to keep upward pressure? Price action analysis – Is ENA poised for a rally or a retreat? ENA’s price had previously been in a phase of consolidation, before a breakout from the descending channel. This breakout created a new price action structure for the altcoin. With the price now hovering near $0.3583, support levels around $0.35 might be critical for price sustainability. If ENA manages to hold above this level, it could target resistance zones near $0.47 and possibly, challenge higher levels such as $0.48, $0.68 and even $1.00. On the other hand, if the price fails to maintain support at $0.35, ENA could test lower support levels at $0.26 – Signaling a potential price retreat. Source: TradingView On-chain signals – Will the data drive the price up or down? On-chain analysis painted a rather bearish picture for ENA. Despite the breakout, the net network growth highlighted a decline of 0.83% – Hinting at a drop in activity. Additionally, the “in the money” metric flashed a change of -0.80%. This suggested that a significant portion of holders are currently at a loss. While concentration was slightly positive at 0.13%, large transactions were largely bearish, with a significant -6.06% drop pointing…
Filed under: News - @ March 22, 2025 11:15 pm