Ethena (ENA) Surged to $1.01 as Bulls Dominate
- topcryptonews
- Dec 30, 2024
- 2 min read
Ethena (ENA) has captured market attention after surging 2.74% in the past 24 hours to trade at $0.972. Earlier today, the token peaked at $1.01 before retracing. Its market cap now stands at $2.85 billion, indicating robust investor interest. Trading volume reached $445.4 million, rising by 84.83%, which highlights increasing activity and liquidity in the market.
The total value locked (TVL) for Ethena is $5.95 billion, resulting in a market cap-to-TVL ratio of 0.4812. This indicates that ENA’s market cap remains healthy relative to its locked assets. Additionally, Ethena’s fully diluted valuation (FDV) is $14.57 billion, reflecting its future potential if the entire supply of 15 billion tokens were in circulation.
Technical Indicators Signal a Bullish Outlook
From a technical perspective, Ethena shows signs of potential growth. The price faces strong resistance at $1.03. If bulls manage to break this level, the price could rally toward the next target of $1.10. On the downside, support at $0.94 serves as a crucial level to watch. A breach below this support might trigger further declines to $0.90.
The Relative Strength Index (RSI) is currently at 50.37, indicating neutral momentum. However, the RSI average of 53.37 leans slightly toward bullish territory, suggesting room for further upward movement.
The 9-day moving average (MA) stands at $0.9873, while the 21-day MA is at $1.0366. A bearish crossover occurred recently as the shorter MA moved below the longer MA. This implies a potential period of consolidation before the bulls regain control. If a bullish crossover occurs, it would signal renewed upward momentum.
If Ethena maintains its current trading volume and market enthusiasm, it could break above the $1.03 resistance level soon. The market’s optimism, driven by strong fundamentals and technical signals, suggests a positive outlook. However, traders should remain cautious of any dips below key support levels, which could temporarily stall the bullish trend.
