ENA
About + Tokenomics
Token Name | Ethena |
Symbol | ENA |
CoinMarketCap Rank | 57 |
Market Cap | 1.43B |
Volume 24h | 407M |
Total Supply | 15B |
Circulating Supply | 2.84B |
Chart Analysis
ENA has formed a solid bottom structure on the daily chart. Based on yesterday’s pump, the token tries to break above the crucial level at ~$0.5. A clear break and confirmation above this level could trigger more upside potential.
Technical Indicators
ENA’s technical indicators support an entry in general. However, we should pay attention to two aspects. The RSI is close to overbought territories while the ADX does not show a strong trend.
- MACD: Bullish 🟢
- RSI: Neutral (but very close to overbought) 🔵
- VMA: Bullish 🟢
- Triple EMA: Trading above all EMAs 🟢
- ADX: 22, indicating no trend 🔴
Chart
Trade Setup
Actually, this is a tricky entry because the RSI is already close to overbought territories and the tokens has pumped almost 50%. Accordingly, I would go for a setup where we wait for a correction and enter afterwards. Of course, there’s always the risk that we miss a move. However, I prefer that instead of buying the (local) top.
- Entry: Wait for a correction and RSI return to neutral levels. Correction in this case can mean two things:
- The price goes slightly higher based on the current level but then retests the $0.5 level. In this case we can enter once the price bounces off the $0.5 level.
- Or, the price gets rejected and dives below the $0.5 level to consolidate. In this case, we can simply wait for the next close above $0.5.
- Profit Target 1: $0.58 (~20%)
- Profit Target 2: $0.77 (~55%)
- Profit Target 3: Slightly below $1 (~100%)
- Stop Loss: $0.45