Main to remember
Ethena joined 25.74% reaching a higher $ 0.499. BThe Uyers have picked up more than 200 million tokens in the last 48 hours until press times.
Since leaving a descending channel two weeks ago, Ethena (ENA) has experienced a sustained ascending dynamic. During this period, the Altcoin went from a lower local $ 0.25 to a maximum of $ 0.499.
To date, Ethena was negotiated at $ 0.4908, marking an increase of 25.74% in the last 24 hours. At the same time, its negotiation volume climbed 132% reaching $ 778.8 million, while market capitalization jumped from 24% to 3.15 billion dollars.
As a rule, an increase in the volume and market capitalization of tandem signals has increased capital entries and activity growth on the chain.
Ethena buyers make a high return
After taking a step back for almost two weeks, Ethena buyers came back to accumulate.
According to Coanyze, Ethena recorded two consecutive days of Delta positive for the first time in ten days. On July 19, Ethena recorded 105.31 million purchase volumes, compared to 105.02 million sales volume.
Source: Coanyze
The same scheme appeared the next day, the purchase volume reaching 106.12 million, against 91.98 million in sales volume.
Consequently, the market recorded a 294k and 14.14 million purchase sales delta respectively. A positive delta implies that there are more purchase orders compared to sales, a clear sign of accumulation of aggressive points.
Future envisages more gains
According to Coanyze, the long ethana ratio jumped significantly, reaching 2.58 at the time of the editorial staff. Thus, it seems that these buyers have rushed to the market to position themselves.
Source: Coanyze
As a rule, when this metric reaches such levels, it reports a higher demand for long positions. Thus, investors who rushed into the term market entered to take long positions.
In this case, long positions represented 72.09% while the open positions represented 27.9% of the total of the events.
Source: Coanyze
This is also validated by the aggregated financing rate, which remained positive in a sustainable manner during last week.
When the term contracts record a higher demand for long, this implies that investors are giving prices aggressively to increase more.
Can ENA keep these earnings?
According to Ambcrypto’s analysis, Ethena’s upward trend has strengthened as buyers returned to force.
Consequently, Ethena overthrew the long -term mobile averages for the first time since February. When writing these lines, ENA was above the long-term MAS with 200 mA at $ 0.4417 and 200A at $ 0.41.
Source: tradingView
When prices go beyond long -term control, it signals a strong increase movement and its potential to continue. That said, to keep upward perspectives, ENA must close decisively above the 200 MA band.
In doing so, the upward trend will continue and Ethena will face the next significant resistance around $ 0.68. However, if this upward movement fails and a decline emerges, ENA will return to $ 0.41.
