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- 1 Ethena crypto hovers near all time high and is poised to grow more by the month end.
- 2 The technical indicators imply a bullish outlook above the 20 and 50 day EMAs.
The Ethena crypto is scaling near its lifetime high value and has grown by nearly 166% in the last 10 Intraday sessions. The upsurge seems unaffected by the short term correction in the overall crypto market.
However, the volume inflow has dropped in the last couple of sessions indicating a loss of momentum on the buying side. Also, extremely overbought conditions might prompt some profit taking in the ENA crypto.
The 4 hour chart shows that the ENA crypto is headed towards north taking multiple support from the 20 day EMA suggesting a strong trend prevailing. Now, until the crypto is maintained above the key EMA, it may continue to rise higher.
However, if the selling pressure dominates and the price looms below the 20 day and 50 day exponential moving average, it may validate some sort of weakness and the crypto may slide lower.
Ethena Crypto Volume Analysis
The volume analysis shows that ENA crypto received nearly $813 Million in volume in the past 24 hours which is 38.99% lower than the previous day. It has a live market capitalization of $2.03 Million and ranks 53rd in the overall crypto market.
The volume to market cap ratio is 41.70% suggesting high volatility in the market. It has a circulating supply of 1.425 Billion ENA tokens which is 9.50% of the total supply. The total supply of Ethena is 15 Billion tokens.
ENA Crypto Technical Outlook
The technical indicators imply a bullish outlook on a combined note. The price currently hovers above the 20 and 50 day EMAs suggesting a positive bias in the market.
At the time of writing, the MACD line was situated at 0.074 points and that of the signal line was placed at 0.066 points. Both the lines were hovering above the zero line indicating a positive outlook in the crypto.
Ethena Crypto Price Prediction April 2024
On the most bullish observation, The Ethena price could rise to a high of $1.98 by the end of April 2024 suggesting an upside potential of nearly 41.2%. On the flip side, the most pessimistic prediction of our analysts is for the price to break below the recent support of dynamic support of 20 and 50 days after which the price may fall to $0.912. level.
Conclusion
Ethena (ENA) crypto has surged 166% in the last 10 intraday sessions. The crypto hovers near its all-time highs, despite a broader market correction. However, declining trading volumes suggest waning buying momentum, and overbought conditions may trigger a profit-taking among the traders and investors.
The 4-hour chart indicates a strong uptrend, supported by the 20-day EMA. Now, until ENA crypto stays above this level, the rise may persist. Conversely, falling below the 20-day and 50-day EMAs could signal a downturn. The technical indicators imply a positive outlook in the crypto. The positive view of our analysts hopes the price to hit a new milestone of $2 by the month end.
Technical levels
- Support Levels: $1.18 and $0.91
- Resistance Levels: $1.54 and $1.98
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
