Ethena's Potential Reversal: TD Sequential Flashes Buy Signals Amidst Price Pressure

Ethena, a cryptocurrency that has been under pressure recently, has shown signs of a potential reversal. The TD Sequential indicator on the 4-hour chart has flashed multiple buy signals, suggesting a possible change in momentum. At press time, Ethena was trading at $0.4882, reflecting a 10.81% decline over the past 24 hours. Despite the significant drop, technical analysis indicates that a potential rebound could be in the cards.

ENA's price action has been under pressure, recently breaking through several support levels. Currently, the token is testing a critical support level near $0.4847, an important price floor. If this level holds, ENA could reverse its downtrend and target key resistance levels at $0.5126 and $0.5657. However, if ENA fails to hold this support, it could continue consolidating or experience further downside.

ENA has seen a surge in the number of addresses holding the token. Over the past week, new addresses holding ENA have increased by 238.94%, showing growing interest in the token. Active addresses have also risen by 97.84%, indicating that investors are holding their positions rather than trading frequently. This increase in addresses could provide long-term support for ENA at lower price levels, suggesting that investor confidence is rising despite the current downtrend.

Looking at the transaction statistics, there's a noticeable shift in the transaction volume across various price ranges. The majority of transactions are happening between $0.00 and $1k, signaling that smaller investors are actively participating. Interestingly, the volume of transactions for higher amounts has decreased significantly, which may indicate a lack of larger investor interest at the current price. This could mean that ENA's price is being supported by retail traders, but institutional involvement is limited for now.

The In/Out of the Money chart reveals that a majority of addresses are currently in profitable positions, with 69.66% of holders sitting in the money. However, 10.18% of investors are still out of the money, which indicates a significant amount of resistance ahead. Therefore, if the coin's price approaches the $0.5126 to $0.5657 range, it might face selling pressure as these investors look to break even.

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