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- Ethena consolidates near $0.63 with critical levels at $0.68 and $0.60.
- Platform revenue surged to $36M in just one week.
- Derivatives activity up 31%, showing cautious optimism among traders.
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Ethena (ENA) is showing signs of consolidation, with price action tightening near $0.63. The token is forming a triangle pattern that could soon trigger a decisive move, either toward a breakout above $0.68 or a breakdown below $0.60. With recent declines and rising trading activity, ENA’s next step may prove pivotal for short-term investors.
Triangle Pattern Signals Next Move
Currently priced at $0.63113, ENA has lost 6.33% over the past 24 hours, reflecting broader selling pressure in the crypto market. Market analyst Ali highlighted that ENA’s current triangle formation is a key indicator of potential volatility. A breakout above the $0.68 resistance could spark fresh buying momentum, while a drop under the $0.60 support may lead to further downside pressure.
Strong Revenue Growth Boosts Sentiment
Despite recent price weakness, Ethena’s fundamentals remain strong. The decentralized finance platform generated $36 million in revenue over the past week, a notable figure for its ecosystem growth. Investors are also monitoring Ethena’s $136 million funding round and its upcoming airdrop, which will reward users staking ENA into sENA, strengthening community participation.
Surge in Derivatives Trading Activity
Trading activity around ENA has surged, with derivatives volume up 31.27% to $1.50 billion. While open interest dropped 7.71% to $1.25 billion, this suggests traders are adjusting positions as the token consolidates. Importantly, ENA’s low open-interest weighted leverage (0.0047%) indicates reduced volatility risks and controlled price action, signaling cautious optimism among market participants.
Ethena is at a crucial juncture. Its consolidation near $0.63 and triangle formation point to a potential breakout or breakdown in the days ahead. With strong revenue figures, an active derivatives market, and ongoing ecosystem developments, ENA remains a token to watch as traders look to $0.68 resistance and $0.60 support for its next major move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: ENA Token Soars 13% as Ethena Labs Expands Stablecoin Collateral Framework
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
