Mareena

07/22 09:52

ENA conquers psychological $0.5 resistanceENA-1-da

ENA conquers psychological $0.5 resistanceENA-1-day-Chart-768x408.png

The A/D indicator rose past a local high from July, and the CMF was above the +0.05-mark. This underlined strong demand for Ethena and significant capital inflow into the market. Additionally, the daily trading volume bars have been well above the 20-day moving average over the past ten days.

The Awesome Oscillator showed hefty bullish momentum too. The 1-day market structure was firmly bullish as well. At press time, the altcoin seemed no longer constrained by the $0.5 resistance.

Its repeated meandering between $0.5 and $0.25 since April highlighted a range formation and a consolidation phase. This has since given way to a bullish trend on the charts.

ENA-Liquidation-Heatmap-768x453.png

The 1-week liquidation heatmap revealed that there was a chance of a price retracement to the $0.45-$0.47 zone. This may be the closest magnetic zone of a considerable size.

It coincided with the resistance from February. A retest of the former supply zone may be coming, as demand would offer a good buying opportunity. Finally, investors should be aware of potential volatility around Bitcoin [BTC].

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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