- Ethena (ENA) price soared 19.75%, hitting $0.4999 with strong bullish momentum.
- RSI jumped to 82.12, confirming overbought yet bullish conditions.
Ethena (ENA) surged 19.75% in the past 24 hours, reaching $0.4999 at the time of writing. This marked a new multi-week high as the token broke above a significant barrier. ENA’s market cap now stands at $3.17 billion, while its fully diluted valuation (FDV) touched $7.49 billion.
With a 24-hour volume of $1.2 billion up by 276.39% traders aggressively rotated back into the token. The market cap-to-TVL ratio sits at 0.5187, supported by a robust $6.1 billion in total value locked.
Will ENA Surge Further or Fallback?
Trading activity picked up sharply, with ENA showing clear breakout momentum. If bulls maintain control, the token may extend toward the $0.55–$0.60 zone. However, failure to hold above the psychological $0.50 level could trigger a retest of $0.43, which now acts as support.
Deeper retracements might revisit the earlier floor at $0.38. Yet, with strong momentum and volume backing the current uptrend, the structure favors continuation. Technically, the RSI on the daily chart surged to 82.12, breaching overbought territory. Still, RSI remains above its average line of 63.21, validating the bullish impulse.
While extended RSI levels often imply overheating, current price behavior suggests strength rather than immediate reversal. Notably, the moving average lines have not yet formed a bearish crossover, which signals sustained upside interest.
The Chaikin Money Flow (CMF) indicator confirmed strong inflows, with a positive reading of 0.16. This underscores net accumulation and investor confidence. Capital continues to move decisively into ENA, enhancing its bullish outlook. As long as CMF remains positive and volume sustains, price appreciation may persist in the near term.
Furthermore, the daily candlestick structure reflects clean breakouts with rising volume—an essential sign of conviction. No major resistance exists until the $0.55 region, making this the next logical target.
A decisive daily close above it could expose the $0.60–$0.62 area next. If momentum fades, support levels at $0.43 and $0.38 must absorb the pullback to sustain the broader trend. Continuation depends on price action holding above $0.50 and rejecting any weakness below $0.43.
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