šØ ETHENA ($ENA ) MARKET IS UP 18% IN THE LAST 24 HOURS
One of the DeFi-based assets that has recently garnered a lot of attention, Ethena ($ENA), continues to demonstrate impressive performance. As of this hour, the price of $ENA has risen by +18.75% and has broken through the level of $0.4780, marking a new Higher High on the 1-hour time frame.
This increase is also driven by a drastic surge in trading volume:
š¹ 24 Hour Volume (ENA): 316.07M
š¹ 24 Hour Volume (USDT): 138.28M
š¹ MA(7) has broken through MA(25) and MA(99), a solid short-term bullish signal.
š¹ RSI and MACD show strong buying momentum ā technical signals confirm a strong push from the demand side.
The main catalyst for this price movement is still believed to stem from the increasing enthusiasm of investors towards the real-yield DeFi narrative, as well as ENA's position as a key player striving to bring stability to the synthetic stablecoin model via USDe.
š From a technical perspective, this breakout has the potential to open space towards the psychological resistance area at $0.50 ā $0.525 in the short term. However, a healthy correction must still be considered given the sharp price spike.
Disclaimer: Not Promotion & Not Financial Advice
