Monitor these significant support levels for Ethena (ENA): Expert Insight
In the world of decentralised finance (DeFi), Ethena (ENA) has been making waves. Despite the broader crypto market correcting, the Fear & Greed Index stands at 65, indicating a relatively strong appetite for risk among investors.
The price of Ethena is currently hovering around $0.55, but what lies ahead for this DeFi token? Analysts at Coincodex have taken a cautious approach, predicting a potential drop in the next few days. They forecast ENA trading at around $0.46 in the next five days and $0.45 in the following 30 days, with a long-term forecast of ENA trading around $0.46 in the next three months.
The cost basis distribution (CBD) model, a technique used to identify support and resistance levels, has revealed three short-term relevant support zones in the ENA market. The price region of $0.35 is the strongest support in the Ethena market, with an estimated $1 billion ENA supply cluster. If the ENA price falls below the support zone of $0.44 and $0.47, investors should anticipate the next price halt around $0.35.
The immediate support levels for ENA are around $0.44 and $0.47, where significant price clusters have been formed in the last month. If the price were to rebound, the next resistance sits around the $0.60 mark, according to the CBD model.
Top market analyst Ali Martinez has identified these support regions for potential price retracement of Ethena (ENA). He also highlighted major support regions for ENA, which could act as a potential price floor should the market experience further downturn.
At the time of writing, ENA's daily trading volume is up by 2.05%, indicating a slight rise in market engagement and transaction volume. This increase in volume could potentially help stabilise the price of ENA during this market correction.
As always, it is crucial to exercise caution when investing in cryptocurrencies. Keep a close eye on the market trends and use various analytical tools like the CBD model to make informed decisions.
[1] CBD Model in Cryptocurrency Analysis: A Comprehensive Guide [2] Understanding Support and Resistance in Cryptocurrency Trading [3] Technical Analysis for Cryptocurrencies: A Beginner's Guide
- Despite the potential drop predicted by Coincodex analysts for Ethena (ENA), the cost basis distribution (CBD) model identifies three short-term relevant support zones in the ENA market, with the price region of $0.35 being the strongest.
- If the ENA price falls below the support zone of $0.44 and $0.47, investors should anticipate the next price halt around $0.35, as revealed by the CBD model.
- Top market analyst Ali Martinez has identified these support regions for potential price retracement of Ethena (ENA), potentially acting as a potential price floor should the market experience further downturn.
- At the time of writing, ENA's daily trading volume is up by 2.05%, indicating a slight rise in market engagement and transaction volume, which could potentially help stabilize the price of ENA during this market correction.
- When investing in cryptocurrencies such as Ethena, it is crucial to exercise caution, keep a close eye on the market trends, and use various analytical tools like the CBD model to make informed decisions. [Recommended reading: "CBD Model in Cryptocurrency Analysis: A Comprehensive Guide", "Understanding Support and Resistance in Cryptocurrency Trading", "Technical Analysis for Cryptocurrencies: A Beginner's Guide"]
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