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Key Takeaways:
- ENA price surged 25.74% in 24 hours, hitting a 6-month high of $0.499.
- Buyers returned aggressively, confirmed by two days of positive delta and rising volume.
- Futures market is heavily long-biased, with a 2.58 Long Short Ratio and positive funding rates.
Ethena (ENA) has seen a sharp resurgence in buyer interest, breaking out of a prolonged downtrend and surging by over 90% from its local low. The altcoin hit a six-month high of $0.499 and posted a 25.74% gain in the past 24 hours alone. Accompanied by a 132% increase in trading volume and a 24% jump in market cap, ENA’s breakout signals renewed investor confidence.
Volume Surge Confirms Strong Market Interest
Over the last 24 hours, Ethena’s trading volume spiked to $778.8 million, while its market cap grew to $3.15 billion. This surge suggests significant capital inflow and heightened on-chain activity—a bullish signal for short- to mid-term price action.
Notably, ENA buyers made a strong comeback after a brief pullback. Coinalyze data reveals two consecutive days of positive Buy-Sell Delta, indicating aggressive accumulation. On July 19, ENA recorded $105.31 million in buy volume versus $105.02 million in sell volume. This pattern repeated the following day with a more pronounced delta of $14.14 million.
Futures Traders Lean Heavily Bullish on ENA
The Futures market echoed this bullish sentiment. Ethena’s Long Short Ratio jumped to 2.58, indicating that 72% of futures traders are taking long positions, anticipating further gains. This surge in long positions typically reflects strong conviction that the current uptrend will persist.
Adding further support to this thesis is the positive Aggregated Funding Rate, which has stayed above zero for over a week. Sustained positive funding suggests that traders are willing to pay to maintain long exposure—an important confirmation of bullish bias.
ENA Breaks Above Key Moving Averages
From a technical perspective, ENA’s recent move above its long-term moving averages—200-day MA at $0.4417 and 200-day EMA at $0.41—is significant. These averages had acted as resistance for months, and their break now flips the outlook to bullish.
If ENA maintains this level, the next target could be $0.68, the next major resistance. However, if a pullback occurs, the price may retrace to around $0.41, where key support now lies.
Ethena’s breakout above key resistance levels, rising trading volume, and aggressive long positioning all point toward sustained bullish momentum. However, ENA must hold above its long-term MAs to solidify this trend and pursue higher targets.
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: Ethena (ENA) Drops After Token Unlock, Eyes Rebound on Coinbase Listing
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
