- 1 The trend in Ethena’s liquidation data has revealed a continuous rise in long-position liquidations over recent weeks.
- 2 Despite a bearish trend, Ethena’s TVL remains strong.
Ethena (ENA) was the 50th project on the Binance Launchpool. The primary use revolves around its function with the DeFi ecosystem, mainly related to stablecoin issuance and savings tools.
Furthermore, ENA crypto rose by 2.80% in market value and plummeted by 32.05% in trading volume in the last 24 hours, as per Coinmarketcap. Its market value is $1.100 Billion and its trading volume is $87.89 Million. There are 1.520 Billion ENA in circulation, and liquidity in the market is 8% per volume to a market cap of 24 hours.
Ethena Crypto Derivatives Data Analysis
The ENA crypto derivatives market has displayed an increase in open interest in the last 24 hours. Concurrently, long position liquidations amounting to $94.99K, suggest a dominant bearish sentiment. In contrast, short-position liquidations have remained comparatively low, around $16.45K.
ENA Total Liquidations Chart | By Coinglass
Meanwhile, the trend in Ethena’s liquidation data has revealed a continuous rise in long-position liquidations over recent weeks, demonstrating a seller-controlled market over the price chart.
However, blockchain analytics for Ethena paint a more optimistic picture, with a steady increase in the Total Value Locked, signaling investor trust in Ethena’s ecosystem.
Furthermore, Ethena’s current TVL stands at a robust $3.518 Billion, complemented by a substantial total raised amount of $20.0 Million.
Ethena’s Price Action Analysis Over the Daily Chart
The Ethena (ENA) cryptocurrency had exhibited a clear downward trend on the trading chart, it continued downward moment for the past nine days. ENA’s price initially ascended from mid-May until early June 2024 but soon encountered a wave of profit-taking.
Since, this sell-off resulted in a significant 38% drop from its peak price of $1.07, coinciding with the formation of a rising wedge pattern, which is a bearish pattern. Presently, the price has breached this pattern to the downside.
What Indicators Paint in Ethena (ENA)?
A glance at the technical indicators paints a gloomy picture, as they mainly suggest a continuation of the current weakness in ENA’s market price.
On the daily chart, Ethena’s (ENA) price has sunk beneath the 50-day Exponential Moving Average, closing below this crucial indicator.
Likewise, the MACD has undergone a bearish crossover with its signal line, deviating into negative territory, accompanied by a growing histogram below.
Furthermore, the RSI mirrors this bearish sentiment, falling below the 14-day SMA and the critical midpoint level of 50.
This overall analysis indicates that a caution is warranted for ENA investors and traders (DYOR), as the technicals hint at potential further declines.
At press time, the Ethena (ENA) crypto has experienced a surge of 3.54% in the last 24 hours, trading at $0.7213.
Ethena (ENA) Price Forecast!
Therefore, if the demand surges, ENA price could bounce back from the current level. The next target for the price could be to reach $0.80, and $1.00.
However, if the ENA crypto price fails to stay above the $0.65 level, it could decline further and could lower down.
Summary
In the past 24 hours, ENA crypto derivatives saw a rise in open interest. Long-position liquidations hit $94.99K, indicating a bearish sentiment, while short-position liquidations stayed low at $16.45K.
Ethena’s liquidation data showed increased long-position liquidations, suggesting a seller-controlled market. Despite a bearish trend, Ethena’s Total Value is Locked, and TVL remains strong at $3.518 Billion.
Technical indicators suggest potential declines for ENA. Price sits at $0.7213, possibly reaching $0.80 or $1.00.
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.
