Ethena (ENA) Price Analysis: Bulls Aiming to Flip the $0.5 Psychological Mark to Support

After the losses noted in the first week of July, Ethena [ENA] managed to bounce by 44.9% from the $0.343 low on the 5th of July to the $0.497 high on the 18th of July.

Ethena [ENA] noted losses in the first week of July but later noted a bounce of 44.9% from the 5th of July. The lower lows were broken by Ethena, and the higher highs remained intact. A crucial resistance level was noted at $0.5.

The 12-hour ENA price chart displayed bullish prospects with the RSI shifting above the neutral 50 mark on the 15th of July. This indicated a change in momentum.

The Directional Movement Index also noted a shift, with the +DI (green) crossing over the -DI (red) to indicate a potential trend reversal.

Despite the bullish prospects, a clear uptrend was yet to be established. The recent lower high at $0.443 was broken, indicating a shift in market structure.

Ethena formed higher lows over the past few days, and a move past the $0.5 resistance was necessary to instill confidence in long-term investors. The OBV also began to rise, indicating buying pressure.

Traders anticipated a rejection from $0.55 after the liquidity was tested.

Crucial network growth was observed before the price recovery began. The 30-day MVRV ratio stood at -1.88%, indicating a minor loss for short-term holders.

The recovery of the short-term MVRV was expected after the price increase over the past two weeks. However, the strong downtrend of the mean coin age was surprising, signaling a distribution phase.

The falling mean dollar invested age suggested increased network activity and coins flowing back into circulation, which was bullish.

Overall, the metrics were bearish for Ethena, and the evidence did not support a strong breakout past the $0.5-$0.55 resistance.🎜

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