Ethena (ENA) is at a critical support zone right now. There's been a hefty accumulation of tokens at $0.3487, but there's also resistance at $0.6043. It's a mixed bag, really. Let's break it down.
Where's the Support?
According to a Glassnode heatmap chart shared by @ali_charts, ENA has a solid accumulation zone at $0.3487, where 2.71 billion ENA tokens were picked up. This price point is 41.3% lower than the current level, which could act as a sturdy support if the selling continues. Other zones of accumulation can also be found in the $0.30–$0.34 range. These levels show where long-term holders have bought in and might be willing to stick around during a correction. The strongest demand cluster is at $0.35, indicating that long-term holders are quite confident.
The biggest accumulation zone above the current price is at $0.6043, where 108.13 million ENA were acquired. This zone could be a tough cookie to crack if it acts as resistance, but it also shows that buyers are willing to step in above current levels.
Price and Market Outlook
ENA is currently priced at $0.5429, down 6.25% in the last 24 hours, according to CoinMarketCap. Market cap is sitting at $3.45 billion, and trading volume is at $1.48 billion. A circulating supply of 6.35 billion ENA is about 42.3% of the max supply.
This pullback follows a sharp rally that took ENA to around $0.66 in late July. The RSI on the 5-minute chart is almost in oversold territory at 31.49, and the MACD lines are almost crossing. So while we might've pulled back, there could be a chance for a bounce as we adjust momentum.
Resistance is currently at $0.55 and $0.5668, with a significant ceiling at $0.6043. If ENA can reclaim $0.60 and push past $0.66, we could be looking at levels like $0.70 and $0.75. Support levels are at $0.52, $0.50, and $0.47. The higher levels, like $0.44 and $0.35, are where wallets are expecting stabilization.
Managing Volatility
Now, let's talk about strategies for managing this volatility. Crypto-native business tools could be a game changer for startups and investors. With a crypto treasury API, businesses could manage their digital assets more effectively. Also, crypto payroll solutions allow for salary payments in cryptocurrencies. Stablecoins are becoming more common, and they offer a way to reduce the risks that come with price fluctuations. It's a good option for businesses interested in cryptocurrency payments.
Final Thoughts
In summary, ENA is at a pivotal moment with solid support at $0.3487 and resistance at $0.6043. The accumulation data suggests long-term holders are confident, while short-term indicators suggest volatility. Employing crypto-native business tools and adopting stablecoins could help navigate the evolving market. With a generally positive community sentiment and strategic positioning, ENA could be set for a big move soon.
