Ethena (ENA) price trades below the $0.7000 level at press time on Wednesday, extending the downfall for the fifth consecutive day. Still, the derivative and technical outlook present a bullish reversal possibility amid OKX’s announcement of ENA listing on Wednesday.
Ethena holds at a crucial support level, hinting at a potential double bottom reversal.OKX exchange will list the ENA token on Wednesday.The derivatives market flashes mixed signals as Open Interest declines amid long positions buildup.
Ethena price trades below the $0.7000 level at press time on Wednesday, extending the downfall for the fifth consecutive day. Still, the derivative and technical outlook present a bullish reversal possibility amid OKX’s announcement of ENA listing on Wednesday.OKX’s announcement of listing ENA aligns with high-volume activityOKX exchange will list Ethena’s ENA token at 07:00 GMT, allowing its users to trade ENA against Tether’s USDT, which could boost the trading volume and market price. However, the ENA withdrawals from the exchange will begin at 10:00 GMT.Amid the possibility of listing gains, high-volume on-chain activity indicates increased confidence among large-wallet investors, popularly called whales, while corporates offload. In a recent X post, The Data Nerd, an on-chain specialist, has shared that Parafi Capital and Flowdesk have deposited 4.08M ENA and 5.03M ENA to Binance.Still, a newly created wallet has accumulated 6.015M ENA through Amber, and a different wallet accumulated 6.72M ENA from Binance, indicating increased demand among whales.Bulls build positions, ignoring Open Interest declineCoinGlass data shows that the Ethena Open Interest has dropped by 1.26% in the last 24 hours, standing at $1.57 billion. This capital outflow from Ethena derivatives indicates a decline in active positions and lowered interest among traders.ENA Open Interest. Source: CoinGlassStill, the active positions suggest a bullish bias as the OI-weighted funding rate remains positive at 0.0023% indicating that buyers are paying a premium to hold long positions, necessary to balance spot and swap prices.ENA OI-weighted funding rate. Source: CoinGlassAdditionally, the Taker buy volume maintains a steady rise to 49.18%, from 45.81% on Saturday, indicating a significant increase in long positions.ENA long/short ratio. Source: CoinGlassEthena prepares for a double-bottom reversalEthena holds above a crucial support level of $0.6837 at the time of writing on Wednesday, hinting at a double bottom reversal on the 4-hour chart. The Relative Strength Index at 35 is higher compared to the previous bottom position, indicating a bullish divergence, which is considered a buy signal.Additionally, the Moving Average Convergence Divergence moves closer to its signal line, hinting at a potential crossover that will mark a bullish shift in trend momentum.If ENA bounces back from the support level above the $0.7000 level, it will confirm the double bottom reversal, and potentially target the 100-period Exponential Moving Average at $0.7290.ENA/USDT 4-hour price chart.On the contrary, if Ethena drops below the $0.6837 level, it could result in a freefall to $0.6109, last tested on September 2.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD: Gearing up for Wednesday's FOMC meetingA public holiday in Japan has seen a quiet start to the week in global FX markets. In terms of overnight news, there were note some soft China activity data that calls out for some more stimulus.
Read more »
USD trading defensively as markets eye Wednesday’s FedThe US Dollar (USD) is entering the week with a defensive posture and trading with broad weakness against all of the G10 currencies, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Read more »
Bayern Munich vs Chelsea Predictions, Picks & Odds for Wednesday's Champions League MatchOur Bayern Munich vs. Chelsea predictions think the team in blue can keep things level or maybe even snag a win outright.
Read more »
New Fort Worth Chief of Police Eddie Garcia starts WednesdayEddie Garcia will take the helm as Fort Worth's police chief on Tuesday. Get insights from his Dallas tenure and future plans.
Read more »
Catherine Zeta-Jones as Ophelia Frump: A New Villain for Wednesday Season 3Morticia looking at Wednesday, who faces away from the camera, in Wednesday
Read more »
Cryptocurrencies Price Prediction: Toshi, Ethena & Bitcoin — Asian Wrap 17 SeptemberToshi (TOSHI) memecoin price surged more than 40%, trading above $0.000855 at the time of writing on Wednesday.
Read more »