• Ethena rebounds 4.51% in 24 hours despite market weakness.
• Price holds above $0.62 support after multiple tests.
• Bollinger Bands show consolidation with $0.69483 as the pivot level.
• RSI and MACD indicate neutral momentum, hinting at cautious recovery.

Ethena (ENA) is showing strength against the wider bearish market. The token has gained 4.51% in the last 24 hours, recovering from repeated declines that dragged its weekly performance down by 9.21%.

At the time of writing, the token is trading at $0.01470 with a market cap of $4.46 billion. Trading volume over the same period sits at $655.67 million, a decline of 22.55%, indicating reduced market activity, even as the price shows resilience.

Also Read: Ethena (ENA) Struggles Below $0.78: Breakout Could Target $1.33

ENA Technical Levels Define the Range

The daily chart paints a picture of consolidation. ENA closed its last session at $0.67126, with an intraday high of $0.68247 and a low of $0.62434. The Bollinger Bands set the framework, with immediate resistance at $0.69483. Breaking this level could open a path toward $0.75 and eventually $0.81, while rejection leaves downside risk back to the $0.60–$0.58 support floor.

The bands remain tight, showing reduced volatility compared to earlier surges. Candlestick action also supports this with a pattern of bounces in the $0.62 region. Momentum is currently gently bullish, but a clear break above the midband is required to gain a more definite tilt.

Indicators Signal Neutral but Cautious Outlook

Momentum indicators reflect the balance between bulls and bears. The RSI (14) is stable at 52.05, showing neutral momentum around the midpoint level of 50. Stabilization is a sign after the recent losses, with a possible continuation of upward or sideways movement.

Meanwhile, the MACD line, standing at 0.01115, is lower compared to the signal line at 0.02399. However, the decreasing negative histogram at -0.01284 implies decreasing bearish pressure and the possibility of a bullish crossover in the continued pattern.

Market Participation Adds Context

Market data shows a 1.79% rise in open interest, pushing the total to $1.37 billion. Such a gain is an indicator of increased participation, with more traders maintaining positions in anticipation of price changes. Such a gain is often followed by market continuation because investors gain confidence in the direction of prices in the future.

The OI-weighted funding rate of 0.0056% shows a minor effect on spot price activity. This means that factors such as volume, sentiment, and technical levels are currently playing a larger role in driving ENA’s trajectory.

Also Read: Ethena (ENA) Momentum Builds With Key Resistance at $0.85 in Sight