Reporter
After the losses kept in mind in the very first week of July, Ethena [ENA] handled to bounce by 44.9% from the $0.343 short on the 5th of July to the $0.497 high up on the 18th of July.
It was a motivating start for the bulls, however insufficient to turn the greater timeframe sag.
The mental $0.5 mark functioned as assistance towards completion of June however would be resistance for ENA en route up. Can the purchasers turn this level to support?
The bullish potential customers of Ethena
Source: ENA/USDT on TradingView
The RSI on the 12-hour chart increased above neutral 50 on the 15th of July. This was an early indication of the altering momentum.
The Directional Movement Index likewise saw the +DI (green) crossover above the -DI (red) to reveal a prospective pattern shift.
A clear uptrend is not yet in sight. The current lower high at $0.443 has actually been beaten. This was a market structure shift, as Ethena has actually formed greater lows over the previous couple of days.
A relocation past the $0.5 supply zone is required to alter the long-lasting financier belief. The OBV is starting to climb up greater, which is another favorable signal of purchasing pressure.
Traders require to be gotten ready for a rejection from $0.55 after the liquidity is checked.
Network development increased before the rate healing started
The 30-day MVRV ratio was at -1.88%, which revealed short-term holders were suffering a small loss. The healing of the short-term MVRV isn’t unexpected after the rate bounce of the previous 2 weeks.
The surprise was from the strong drop of the mean coin age, which indicated a circulation stage.
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The falling mean dollar invested age suggested an increased network activity and coins receding into flow, which was bullish.
In general, the metrics were bearish for Ethena. The proof at hand does not support a strong breakout past the $0.5-$0.55 resistance.
Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of guidance and is exclusively the author’s viewpoint.
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