Ethena token ENA has recently continued to rebound from its low position in the previous period, and prices have risen to about 0.13, close to the US$ 0.14 resistance zone of market interest. High prices have been accompanied by increased participation in derivatives markets, and unsettled contracts have increased to about $553 million.

Focus 0.13 to 0.14

In terms of movement, ENA had previously organized several weeks below $0.09, then rebounded from 0.07 to $0.08 and repositioned on $0.09. The current price enters a range of 0.13 to 0.14 United States dollars, a position that has previously been subject to greater pressure on sales, thus becoming the most visible drag belt in the short line.

If the price is blocked again in this area, ENA may fall back to the 0.11 to 0.12 US dollars area. An effective stand of 0.14 US dollars would mean that the upper charge would be digested and the market would pay further attention to the next target position near the US$ 0.18.

Unsettled contracts raised to $553 million

While prices rebounded, the unsettled contracts in the ENA contract market rose to approximately $553 million, indicating that traders were increasing their positions. At the same time, it was mentioned that the funding rate was approximately 0.005 per cent, which indicates that, despite the increase in the number of silos, there was no overcrowding.

This means that if the price is exceeded by 0.14 dollars, it means not only that it passes through a single resistance position, but also that the former supply zone has been gradually transformed into a new support area, thus enhancing subsequent upscaling.

Markets focus on key prices

  • 0.13 to 0.14 United States dollars: current main resistance area
  • 0.11 to 0.12 United States dollars: first support area for short lines
  • 0.09 to $0.10: Structural support areas

The lower 0.07 to 0.08 is the area where the round bounces. If prices fall back in the area, the recent recovery trend will be significantly weaker.

Additional information:It was mentioned that Ethena had access to a $1 billion financing arrangement provided by FalconX, which was seen as part of its basic narrative and as providing new space for the management of the proceeds of the USDe reserve assets.