Ethena (ENA) has struggled with price recovery over the last few months, facing a lack of demand that has resulted in a flat trajectory for the altcoin. However, the recent inclusion of ENA on the Coinbase roadmap could signal a shift in market sentiment.
While its listing on Coinbase is not yet guaranteed, the consideration by a major exchange could spark renewed interest and potentially ignite a price surge.
Ethena Needs To Breach This Barrier
Ethena’s inclusion on the Coinbase roadmap is a positive development, but it does not guarantee an immediate listing. ENA continues to face challenges due to a lack of investor confidence. According to the GIOM (Global In/Out of the Money) data, there is a significant supply zone between $0.356 and $0.375, where over 6.29 billion ENA were bought.
This range represents a critical resistance point, as holders in this zone may look to sell at their cost basis, particularly if the price approaches these levels. Should this happen, it could result in significant downward pressure on ENA’s price.
The broader macro momentum of Ethena shows that long-term holders (LTHs) are still holding onto their ENA, signaling a belief in the altcoin’s future price recovery. The uptick in the MCA (Market Capitalization Accumulation) indicator suggests that LTHs are not rushing to sell their assets but instead are holding in anticipation of future price increases.
The reluctance of LTHs to sell their holdings provides some stability for ENA in the current market, especially as they continue to hold their positions despite recent challenges. This creates a buffer for the price, as LTHs’ ongoing support could provide a base for the altcoin to build upon in the event of a recovery.
ENA Price Could See Surge
Currently trading at $0.33, Ethena has experienced a 10% increase in the past four days. However, it is still far from recovering the losses seen earlier this year. The recent announcement that ENA is being considered for listing on Coinbase has provided a slight boost in confidence, and this could pave the way for further price increases.
Should the altcoin flip the $0.32 level into support, it could target $0.43 as the next resistance point. The price could rise further if the market shows bullish momentum and continued investor interest.
At the same time, if Coinbase lists ENA in the future, it could potentially trigger a Golden Cross, where the 50-day EMA (Exponential Moving Average) crosses over the 200-day EMA. This technical indicator, which signals a shift to a bullish trend, would mark the first Golden Cross of 2025 and could push ENA’s price toward $0.60. However, this would depend heavily on a consistent rise in buying interest and positive market conditions.
On the other hand, if ENA holders start selling to break even as the price rises, the altcoin could face downward pressure. If the selling is significant, ENA may fail to sustain the upward momentum and could slip back to $0.25, invalidating the bullish thesis. The market will need continued support and the absence of heavy selling to maintain its upward trajectory.
Disclaimer
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