Bittime -The value of Ethena (ENA) saw a significant surge, rising nearly 11% in a day and more than 25% in the last two trading days. The following is a presentation of Steefan George's analysis.
What Drives Ethena Prices to Increase?
Various factors have driven Ethena's value up despite the general fluctuations in the crypto market. Investor optimism towards Ethena increased, reflecting stronger confidence in its future prospects. This positive sentiment is likely due to recent improvements in the ENA ecosystem, including strategic alliances and technological breakthroughs.
Additionally, broader market trends, including increasing acceptance of blockchain technology and growing interest in digital assets, have created a favorable environment for ENA's development.
Sumber: Santiment
Although there was a fairly large decline in the value of Athena last week, there was no massive sell-off among large-scale crypto holders.
Data from app.santiment.net shows that “ whales ,” or large wallet owners, have increased their ENA accumulation significantly.
Initially, this large wallet held 97.29% of ENA's total supply, this figure has now risen to 97.35%.
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Ethena (ENA) Passes Technical Critical Period
Recently, Ethena has surpassed critical technical benchmarks, namely the 20-day and 50-day EMA, signaling a possibly profitable phase for the crypto.
Check Market: Buying and Selling & Trading ENA/IDR
Currently, the Relative Strength Index (RSI), a momentum indicator, is above the midline with a value of around 53.17, indicating a favorable outlook for the asset.
Additionally, a crossover between the RSI and EMA lines on the 4-hour chart usually indicates a bullish trend.
Overall, these technical indicators point to a potentially positive trend for the crypto.
Also Read How To Buy Crypto:
Conclusion
The price of Ethena has surged impressively, with an 11% gain in the last 24 hours and a cumulative increase of more than 25% in the last session, demonstrating significant market strength and distinguishing it as a leading player among crypto assets.
The growing confidence among investors signals a strong belief in Ethena's long-term value.
Post the recent price drop, there has been increased accumulation by large-scale holders, with their supply share increasing from 97.29% to 97.35%.
From a technical perspective, Ethena has surpassed two important EMAs: the 20-day and 50-day markers.
Technical Level:
Support Level: $0.85 and $0.679 or between IDR 13,787.81 and IDR. 11,014.03
Resistance Level: $1.20 and $1.52 or between Rp. 19,465.14 and Rp. 24,655.84
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How to Buy Ethena (ENA) on Bittime
You can buy and sell Ethena (ENA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethena (ENA) is available on Bittime with the market pair ENA/IDR . To be able to buy ENA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethena (ENA) on Bittime .
Monitor price chart movements for Ethena (ENA), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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