Can Ethena Be The Next Multibagger Candidate For Whales?

• 1 ENA has shown positive performance in recent months, with a notable increase in value and trading volume.
• 2 The social dominance and volume of ENA indicates increasing acceptance and awareness among users, potentially impacting its price positively.

Ethena is a digital currency project operating on the Ethereum blockchain. It offers a synthetic dollar protocol, enabling users to earn tokens through farming by staking cryptocurrencies.

Ethena‘s primary use is within the DeFi ecosystem, focusing on stablecoin issuance and savings tools. It introduces a stablecoin solution independent of traditional banking systems and offers an Internet Bond product based on its USDe stablecoin for blockchain-based USD savings.

ENA coin (BITFINEX: ENA) has performed well in the last month, increasing by 15.45% and optimizing by 82.83% in the last six months.

Market Cap of Ethena (ENA) | By CoinMarketCap

Ethena crypto plummeted by 2.72% in market value and optimzed by 67.91% in trading volume in the last 24 hours, as per CoinMarketCap. Its market value is $1,452,854,084 and its trading volume is $553,213,158. There are 1,520,312,500 ENA in circulation.

ENA Total Liquidations Chart | By CoinGlass

ENA coin’s (ENA) open interest is $230.99 Million. As per CoinGlass, another crypto analysis website, it fell by 0.74% in the previous session. The long versus short ratio for 24 hours is 0.9877. The short liquidation is $309.32 K versus $534.36 K for the long liquidation.

Ethena (ENA) Coin Price Technical Analysis in the 1-Day Timeframe?

Jelle, an analyst, noted that in Ethena (ENA) broke out of a consolidation range on the daily chart. This could lead its price to run towards $1.50.

In a recent optimistic tweet by an analyst, it was observed that on the daily chart of ENA, there has been a significant surge from the support level, and it currently remains above both the 20-day and 50-day EMAs.

Additionally, the MACD indicator also shows a bullish crossover, with a rising histogram at 0.0182 for ENA, and the RSI is at 57.59. These indicators suggest that Ethena’s cryptocurrency is still gaining momentum and could potentially enter an upward trajectory in the future.

If a strong breakout occurs, the next target for the price of ENA could be at levels such as $1.50 and $2.00. On the other hand, if the price declines, in this scenario, if the price of Ethena’s cryptocurrency fails to maintain its position above the $0.90 level, it may experience further decline.

What Does the Social Dominance for this Crypto?

The social dominance sentiment is an indicator of the increasing or decreasing acceptance of Ethena (ENA) crypto among users. The social dominance chart displays a positive trajectory.

The social volume of ENA is on the rise in recent sessions. It indicates a continuation of the ongoing short-term trend.

The increasing social dominance may also have a positive impact on ENA as the increasing participation of users may create more demand and help the Ethena asset price rise.

Summary

Ethena technical analysis highlights a bullish sentiment for ENA, with potential price targets at $1.50 and $2.00 if a strong breakout occurs. Meanwhile, social dominance and volume of ENA indicates increasing acceptance and awareness among users, potentially impacting its price positively.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.