The Ethena (ENA) price has shown retracement and retested the support zone of $0.750. Afterward, significant buying interest was noted, and the token reverted from there.
Moreover, the token is on the verge of registering a sharp swing ahead. If the bulls succeed in reaching the $1 mark, more delights can be seen ahead.
At press time, ENA price traded at $0.9033 with an intraday surge of 5.10%, reflecting bullish sentiment in the last 24 hrs. It has a monthly return ratio of -28.30% and 197.78% yearly.
The pair of ENA/BTC is at 0.0000144 BTC, and the market cap is $1.30 Billion. Analysts are neutral and suggest that the ENA price may retain the shine and outperform in the upcoming sessions.
Price Action Outlook: Ethena (ENA) Might Outperform
Per the Santiment data, the ENA token has split the trendline hurdle and regained shine this week. The price action highlights fresh buying momentum, but bulls need to secure the $1 mark soon.
Source: Santiment
However, the trading volume still looks flat and is still a concern for the investors who were eager to enter into the trade. The intraday trading volume shows a drop of over 32.89% to $283.23 Million.
Price Volatility & Social Volume Glimpse Negative Outlook
Amidst the price accumulation, the price volatility still goes lower and signifies a decline in the trading activity, which replicates that investors are not looking confident in buying ENA token.
Source: Santiment
Additionally, the popularity on the social platforms showed a notable drop, which signified a drop in the last sessions. The social volume value dropped over 2.13%, noting around 1.
What Does Development Activity and Amount Of Holders Data Indicate?
This week, the total amount of holders showcased a sharp rise and reached the high mark of 37.8k, implying an impressive number.
Source: Santiment
However, the development activity looks neutral and has witnessed ups and downs in the last few sessions, noting a decline of over 1.28% to 0.024.
Futures Open Interest
The derivative data highlights the long buildup activity, and the open interest spiked over 10.24% to $227.73 Million, reflecting fresh buying momentum.
Source: Coinglass
Historical In/Out Of The Money
According to the above chart, only 18.95% of in-the-money holders are currently profitable. Over 80% of holders are looking to secure gains, indicating a negative outlook.
Source: IntoTheBlock
The momentum indicator (Relative Strength Index) data looks positive, and the curve stands at 65 in the overbought zone, replicating a positive crossover on the charts.
Per the Fibonacci retracement levels, the Ethena price faced the 38.3% zone rejection and still has to cross the $1 mark. The immediate support levels for the Ethena (ENA) are $0.920 and $0.900, whereas the key upside hurdle is around $1, followed by $1.15.
Conclusion
The Ethena (ENA) price action highlights the buyer accumulation and is heading toward the $1 mark. Key indicators indicate a positive outlook and the ENA price may outperform in the next sessions.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
