ENA Daily – Strong support and upward momentum amidst DeFi stability
📉 Current price: $0.622
📊 Daily change: +13%
🔁 Pair: ENAUSDT (perpetual)
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🔹 Technical and market structure
- Strong rebound from the support level of $0.51 after Saturday's decline
- The price hovers above the short-term support level of $0.60, reinforcing the likelihood of continued upward trend
- The next resistance is at $0.70 and $0.75, with an extended target towards $1.00 if momentum continues
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🔹 Momentum indicators
- The RSI indicator is trending towards the overbought area, indicating strength in buying pressure
- MACD shows a bullish crossover, reinforcing the likelihood of continued upward movement
- Chaikin Money Flow has been in the positive zone for 48 hours, indicating new liquidity entering
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🔹 On-chain data and derivative market
- Open interest in futures rose by 17.47% to $1.14 billion
- Trading volume increased by 28% to $1.14 billion, reflecting growing interest
- Long/Short ratio on Binance: 2.09 among major traders, indicating clear optimism
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🔹 DeFi Indicators
- TVL of Ethena reached $9.53 billion, reflecting investor confidence in the ecosystem
- The stablecoin USDe has become the third-largest stablecoin by market cap, valued at $9.23 billion
- The decline in ENA balances on exchanges indicates a pull towards cold storage, a cumulative behavior before a breakout
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🔹 Trading Scenarios
| Scenario | Description | Potential Target |
|----------|--------|----------------|
| ✅ Sustaining above $0.60 | Breakout towards $0.70–$0.75 | $0.77–$1.00 |
| ⚠️ Break of support | Correction towards $0.48 | $0.45–$0.40 |
| 🔄 Consolidation | Sideways movement | $0.58–$0.64 |
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🔹 Trading idea
- Opening a long position from the $0.61 area with a stop loss below $0.58 = calculated risk
- The confirmation of the direction is a clear breakout above $0.65 with strong trading volume
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📌 ENA shows strong signals of continued momentum – Do you see it reaching $0.75 soon?
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