The Ethena price chart an intense match between bulls and bears, initially, bulls had control, but later shift in the wind dropped the game in bears’ favor. This caused the ENA price into a wedge, but this week seems to be very productive for the asset, as the performance this week rose 11.23%.
At press time, the price has traded at $0.8682 with an intraday surge of +4.24%, with a market capitalization of $1.30 Billion.
Moreover, Ethena Labs tweeted the token’s Open Interest at 11.74 Billion, Ethena % of OI 10.79%, and average funding stands at 32.28%.
We aren't great with numbers, what is 33% on $2.5bn? pic.twitter.com/m5YFXS6xd6
— Ethena Labs (@ethena_labs) May 21, 2024
Furthermore, the Ethena has reported its USDe supply which was at $2.500,000,000.
Ethena Crypto Derivatives Spotted Robust Activity
The trading volume for derivatives in the last 24 hours amounted to $928.57 Million, followed by an 181.69% surge in crypto open interest. The increase in the trading volume of the ENA crypto showed a rise in the engagement of the number of traders and investors in the crypto.
Ethena Crypto Total Liquidations Chart | Source: coinglass
The liquidation data further exhibited that bulls ruled over the price, resulting in a higher short liquidation of $1.03 Million. Also, the long liquidation for the Ethena crypto was $379.56 K.
What Can Ethena Price Prediction (ENA) Be, Based On Technical Analysis?
An analyst, Captain Faibik, Tweeted with the bullish sentiment on the X platform that In Ethena (ENA) a breakout has taken place out of a falling wedge pattern on the daily chart.
$ENA Falling Wedge Breakout is Confirmed ✅
— Captain Faibik (@CryptoFaibik) May 21, 2024
Looks Promising for the +50% Bullish Rally in the Short term.. #Crypto #ENA #ENAUSDT pic.twitter.com/mdk8Qovd6L
Similarly, based on the analyst tweet, the ENA asset daily chart shows that it has been surging from support and remains above the 20-day, and 50-day EMAs, portraying bullish strength in the short-term.
Likewise, the MACD portrays a bullish cross, with a rising histogram in ENA at 0.0330, and the RSI flashed at 67.39. It portrayed that the Ethena crypto is not losing steam yet and could continue to climb higher in future sessions.
Therefore, if the breakout rallies strongly, the next goal for the ENA price could be to reach the above levels, such as $1.00 and $1.51.
On the contrary, if the price plunges and trades inside the pattern again, the bullish pattern made in ENA would lose its significance and would be invalid.
Likewise, in this scenario, if the Ethena crypto price fails to stay above the $0.80 level, it could also decline further.
Summary
The Ethena price has experienced a battle between bulls and bears, resulting in a wedge pattern. However, the price has shown a significant increase of +11.23% this week.
Moreover, the trading volume for derivatives in the last 24 hours was $928.57 Million, with a surge in crypto open interest. The increase in trading volume indicates heightened engagement from traders and investors. Similarly, the liquidation data shows higher short liquidation of $1.03 Million and long liquidation of $379.56 thousand.
Technical analysis reveals a bullish sentiment, with a breakout from a falling wedge pattern and bullish indicators such as MACD and RSI. The potential future price targets for ENA are $1.00 and $1.51. However, if the price fails to stay above $0.80, it could decline further.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
