• Ethena consolidates near $0.63, forming a triangle pattern, key levels $0.68/$0.60.
• ENA derivatives trading surged 31.27% up to $1.50B with open interest falling 7.71% downwards
• ENA generated $36 million in revenue last week; $136 million funding raise and airdrop are still underway.

Ethena (ENA) is currently consolidating near $0.63, forming a triangle pattern may signal an upcoming breakout or breakdown. Levels of interest are $0.68 resistance and $0.60 support.

Currently, ENA is trading at $0.63113 and has a 24-hour volume of $874.51 million. Its market cap is $4.18 billion and has a market dominance of 0.11%. ENA has declined by 6.33% within the last 24 hours, reflecting recent selling pressure in the market.

Ethena Eyes $0.68 Resistance Breakout

According to a recent post by crypto analyst Ali, ENA is consolidating within a triangle pattern. The formation often shows that the price is about to break higher or lower. Levels of interest are at $0.68 resistance and $0.60 support. A break above $0.68 could spark buying and push prices upwards, while a break below $0.60 could push prices downwards.

The current pattern suggests caution, as the next major move for ENA may depend on which level is tested first. Investors should keep an eye on price movements around these points to gauge the direction of Ethena’s next move.

Ethena Revenue Hits $36 Million

Decentralized finance platform Ethena made $36 million in revenue in the past week, showing strong growth, as per Duta Crypto. Investors are encouraged to participate in Ethena’s $136 million funding round and upcoming airdrop, which compensates the users through staking of ENA into sENA.

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

Ethena Market Update Shows Trading Surge

ENA derivatives are showing higher activity with volume up 31.27% at $1.50 billion. Open interest declined slightly by 7.71% at $1.25 billion, indicating position realignments by traders. Consolidation after spiking volume is a sign of new investor interest and balanced sentiment in the market of ENA derivatives.  

OI Weighted for ENA is at a low of 0.0047%, revealing low exposure of leverage in relation to open interest. This low-weighted factor reduces extreme volatility risk and suggests cautious optimism dominating traders. Rising volume with corresponding leverage suggests ENA can mark controlled price action within the short term.

Also Read | Ethereum Rally Tested: Analysts Warn of $4K Retest Despite Whale Accumulation