- ENA tested critical support levels, with key resistance points at $0.60658 and $0.76939.
- Positive market sentiment was driven by increased network activity, Open Interest, and short liquidations.
Ethena [ENA] has experienced significant growth in network activity, with new and active addresses surging over the past week.
At press time, ENA’s price was $0.4611, having surged by 10.16% in just 24 hours. This jump was accompanied by a 257.25% rise in its 24-hour trading volume, highlighting a growing demand for the asset.
ENA price action analysis – Key levels to watch
Ethena’s price action showed that the coin had been in a period of correction since its peak in early January.
At the time of writing, ENA was trading near a critical support level of $0.455, which traders will need to monitor closely.
If ENA can maintain a close above this level, there is potential for a rally toward the next resistance point at $0.60658.
Additional resistance liay at $0.76939 and $1.00290, marking key levels that will determine if ENA can move toward new highs. However, should the price dip below $0.455, further declines toward $0.39235 are possible.
