Ethena (ENA) is currently experiencing a 20% pullback, reaching a crucial support level at $0.30. Despite this dip, there are potential buying opportunities for traders looking to capitalize on the altcoin’s price movements. In April, ENA formed an ascending channel, allowing traders to leverage the range lows and highs for profitable gains.
Analyzing ENA’s potential for gains, the pullback found support at a confluence zone of a range-low and a bullish order block at $0.28-$0.30 on the 12-hour price chart. This support area could trigger a rebound, offering buying opportunities for swing traders aiming for the mid-range level at $0.34 or the range high at $0.38. If a breakout from the channel occurs, ENA could potentially rally to $0.44 or $0.48, translating to 13% and 27% gains, respectively. A further extended rally could result in a 40% increase in price. However, if ENA dips below the $0.28-$0.30 support, the bullish thesis would be invalidated.
Recent data from Santiment indicates a spike in network activity and a decrease in ENA’s supply on exchanges, suggesting a significant accumulation of the altcoin during the recent price decline. This accumulation could lead to a price reversal if the positive metrics persist.
Despite the accumulation spikes, ENA’s spot market demand appears to be weak, as evidenced by fluctuations in the Cumulative Volume Delta (CVD) Spot indicator. A strong rebound from the $0.30 support level would require an increase in spot market demand to confirm the uptrend.
In conclusion, while ENA presents potential buying opportunities at the current support level, traders should closely monitor market dynamics and indicators to make informed decisions. The information provided in this article is for informational purposes only and should not be considered as financial advice. The Importance of Mental Health Awareness in Today’s Society
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