Adakah token ENA mengekalkan pelarian atau perjuangannya untuk mengekalkan tekanan ke atas?

Ethena [ENA] token recently broke out of a descending channel pattern, sparking optimism among investors.

Ethena [ENA] token 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.

Price action analysis – Is ENA poised for a rally or a retreat?

ENA’s price had 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 testing support at $0.35, and resistance at around $0.47, the market is still uncertain.

If ENA manages to hold above the support at $0.35, it could target the resistance zones at $0.47 and possibly, challenge higher levels such as $0.48, $0.68 and $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 from IntoTheBlock painted a rather bearish picture for ENA. Despite the breakout, the net network growth highlighted a decline of 0.83% over the last seven days. This signaled a drop in activity.

Additionally, the “in the money” metric flashed a change of -0.80%. This suggested that a significant portion of ENA holders are currently at a loss.

While concentration was slightly positive at 0.13%, large transactions were largely bearish, with a huge -6.06% drop in the last seven days. This signaled more selling pressure in the market.

Taken together, these on-chain signals indicated that the token could face significant hurdles despite its latest technical breakout.

Source: IntoTheBlock

ENA Open Interest and liquidations

Open interest in ENA rose by 3.38%, climbing to $345.78 million to underline higher market participation, according to Coinglass. However, liquidation data revealed that long positions are being liquidated more than shorts.

In the last 24 hours, there was $29.62k in long liquidations versus $6.42k in shorts. This imbalance fuels price pressure downwards. But once these liquidations are cleared, the market may rebound.

For a sustained rally, ENA needs to break resistance levels around $0.47 and $0.48.

Source: Coinglass

Can ENA sustain its breakout?

Although ENA’s latest breakout from the descending channel sparked optimism for a price surge, bearish on-chain signals and support levels signaled that the token may face challenges. If ENA can hold above the support at $0.35 and push past the resistance at $0.47, it might see a sustained rally towards higher price targets, such as $0.48, $0.68, and even $1.00.

However, without breaking through these critical levels, ENA could struggle to maintain any upward momentum. As the price testing key levels, and on-chain signals are bearish, it remains to be seen whether ENA can capitalize on its breakout.

Atas ialah kandungan terperinci Adakah token ENA mengekalkan pelarian atau perjuangannya untuk mengekalkan tekanan ke atas?. Untuk maklumat lanjut, sila ikut artikel berkaitan lain di laman web China PHP!