Ethena Price Resurgence: Can 2-Day Affluence Assist It To Rise?
Ethena price made an impressive recovery in the last couple of sessions and has surged by 25%.
Earlier, the crypto noted a sharp fall from its record-high value to test the monthly low value.
The Ethena price has experienced an impressive upswing of nearly 11% in the last 24 hours and over 25% in the last two sessions. The recent price performance demonstrates a remarkable market strength and sets it apart as a standout performer among the other cryptocurrencies.
Moreover, the recent price surge has aided relief to the traders and Investors who were eagerly waiting for a recovery after a sharp fall was observed in the last week from the record highs. Let’s analyze whether this recovery will continue to cure the wounds of the investors or fade away.
Ethena Crypto: What’s Driving The Growth?
Several Factors have contributed to the price rise behind the Ethena crypto, amidst widespread volatility in the overall crypto market. The investor's sentiment toward Ethena has surged significantly in recent sessions indicating higher confidence in its long-term potential. This positivity is likely driven by the recent advancements in the ENA’s ecosystem, including strategic partnerships and innovations.
Furthermore, the broader market dynamics, such as the growing adoption of blockchain technologies and increasing interest in cryptocurrencies, have led to a base formation of a favorable environment for ENA’s growth.
<iframe title="Santiment Chart: Supply held by top addresses (as % of total supply) (ENA), Price (ENA)" width="1170" height="425" src="embed.santiment.net/chart?ps=ethena&pt=ENA&df=2024-04-03T00:00:00.000Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=topHoldersPercentOfTotalSupply;price_usd&wax=1&wc=#FF5B5B;#26C953&ws=;" scrolling="no"></iframe>
Although there was a significant drop in Ethena's price last week, there was no indication of any selloff in the wallets with large amounts of cryptocurrency. As per the data collected from the app.santiment.net website, the recent sessions have shown that "whales", who are usually known as large wallet holders, have significantly increased their accumulation of cryptocurrency. Initially, these large wallets held 97.29% of the total supply, and this percentage has now increased to 97.35% in recent sessions.
Technical Point Of View!
From a technical point of view, it seems that the Ethena price has recently surpassed two important exponential moving averages: the 20-day and the 50-day. This could be a positive sign for the crypto, indicating that good days may be ahead.
Additionally, at the time of writing, the RSI line (which measures momentum) is placed above the mean line, with a value of approximately 53.17. It suggests that the outlook for the asset is positive. Furthermore, a crossover of both the lines was observed on a 4-hour chart, which typically indicates a bullish scenario. Overall, these technical indicators point to a potentially positive trend for crypto.
Conclusion.
The price of Ethena has experienced an impressive upswing of nearly 11% in the last 24 hours and over 25% in the last two sessions. This recent price performance demonstrates a remarkable market strength and sets it apart as a standout performer among the other cryptocurrencies. The investor's sentiment toward Ethena has surged significantly in recent sessions indicating higher confidence in its long-term potential.
Furthermore, large wallets have been observed to be accumulating after the recent price drop. the supply held by large wallets has increased from 97.29% to 97.35% in the last couple of sessions. From a technical point of view, the Ethena price has recently surpassed two important exponential moving averages: the 20 and the 50-day. This could be a positive sign for the crypto, indicating that good days may be ahead.
Technical levels:
Support levels: $0.85 and $0.679
Resistance levels: $1.20 and $1.52
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Earlier, the crypto noted a sharp fall from its record-high value to test the monthly low value.
The Ethena price has experienced an impressive upswing of nearly 11% in the last 24 hours and over 25% in the last two sessions. The recent price performance demonstrates a remarkable market strength and sets it apart as a standout performer among the other cryptocurrencies.
Moreover, the recent price surge has aided relief to the traders and Investors who were eagerly waiting for a recovery after a sharp fall was observed in the last week from the record highs. Let’s analyze whether this recovery will continue to cure the wounds of the investors or fade away.
Ethena Crypto: What’s Driving The Growth?
Several Factors have contributed to the price rise behind the Ethena crypto, amidst widespread volatility in the overall crypto market. The investor's sentiment toward Ethena has surged significantly in recent sessions indicating higher confidence in its long-term potential. This positivity is likely driven by the recent advancements in the ENA’s ecosystem, including strategic partnerships and innovations.
Furthermore, the broader market dynamics, such as the growing adoption of blockchain technologies and increasing interest in cryptocurrencies, have led to a base formation of a favorable environment for ENA’s growth.
<iframe title="Santiment Chart: Supply held by top addresses (as % of total supply) (ENA), Price (ENA)" width="1170" height="425" src="embed.santiment.net/chart?ps=ethena&pt=ENA&df=2024-04-03T00:00:00.000Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=topHoldersPercentOfTotalSupply;price_usd&wax=1&wc=#FF5B5B;#26C953&ws=;" scrolling="no"></iframe>
Although there was a significant drop in Ethena's price last week, there was no indication of any selloff in the wallets with large amounts of cryptocurrency. As per the data collected from the app.santiment.net website, the recent sessions have shown that "whales", who are usually known as large wallet holders, have significantly increased their accumulation of cryptocurrency. Initially, these large wallets held 97.29% of the total supply, and this percentage has now increased to 97.35% in recent sessions.
Technical Point Of View!
From a technical point of view, it seems that the Ethena price has recently surpassed two important exponential moving averages: the 20-day and the 50-day. This could be a positive sign for the crypto, indicating that good days may be ahead.
Additionally, at the time of writing, the RSI line (which measures momentum) is placed above the mean line, with a value of approximately 53.17. It suggests that the outlook for the asset is positive. Furthermore, a crossover of both the lines was observed on a 4-hour chart, which typically indicates a bullish scenario. Overall, these technical indicators point to a potentially positive trend for crypto.
Conclusion.
The price of Ethena has experienced an impressive upswing of nearly 11% in the last 24 hours and over 25% in the last two sessions. This recent price performance demonstrates a remarkable market strength and sets it apart as a standout performer among the other cryptocurrencies. The investor's sentiment toward Ethena has surged significantly in recent sessions indicating higher confidence in its long-term potential.
Furthermore, large wallets have been observed to be accumulating after the recent price drop. the supply held by large wallets has increased from 97.29% to 97.35% in the last couple of sessions. From a technical point of view, the Ethena price has recently surpassed two important exponential moving averages: the 20 and the 50-day. This could be a positive sign for the crypto, indicating that good days may be ahead.
Technical levels:
Support levels: $0.85 and $0.679
Resistance levels: $1.20 and $1.52
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.