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- Ethenna forced a breakthrough from a descending channel and seemed to be ready to gather
- Distribution and long -term owners on the entire network that are still faced with losses suggested that Ena will take more time
Ethena (Ena) took a break on the market on a one -day time frame. This shift happened on May 10, when the previous lower lower at $ 0.35 was violated on the rankings.
Source: Ena/USDT on TraringView
Interestingly, this market break came with a breakthrough in addition to the descending channel (white). Over the past week, Ena again tested high channels as support and sought to climb more.
Because Bitcoin (BTC) is approaching with new peaks of all time, Bullish sentiment in the cryptocurrency market is nearing euphoria. This could be switched to altcoin markets and increase prices.
The technical analysis of Ena has discovered an increase in trading volume in the last ten days. OBV also broke above the highlights made in March and April. Meanwhile, in the same one -day time frame, RSI did not form a bear divergence. The indicator reflected bull momentum and the pressure of buying and pointing to further gains for Etenna.
The metric on the chain warn the overpriced woman
Everyday active addresses for Ethen have been at the commendable levels in the last three weeks. His top activity 9. May was the largest number of one days from February 6th.
Yet the demand for the Token of Ethen was not widespread. The middle metric coin has been constantly lowered since mid -February, with occasional sets. Such a aversion in the Middle Age of Coins was recorded in May.
Generally, growing MCA alludes to accumulation on the entire network. However, its low values compared to December and January suggested that Etthena could approach the tail end of the distribution phase. Despite the piercing of the channels, Ena did not quite have a strong chance on the higher time frame at the time of the press. Especially after he withdrew all the gains made in November and December.
Finally, the MVRV ratio agreed with this finding, showing that statesmen of 180 days were a slight loss of 14.5%. In combination with the demolished MCA, Ena did not offer a long -term opportunity to buy.
Furthermore, elevated NVT values have shown unstable volume of transaction over the last few months. This could be a sign of overrated property, as the volume of transmission on the chain did not coincide with the growth of market limitations.
