Ethena surges 25%, hits a 6-month high: Is $0.68 next for ENA?

Key Points

1. Ethena's price surged 25.74% to $0.499, marking a 6-month high, with trading volume up 132% to $778.8 million and market cap rising 24% to $3.15 billion.

2. Buyers accumulated over 200 million ENA tokens in 48 hours, with two consecutive days of positive buy-sell delta indicating aggressive spot accumulation.

3. Futures market data shows a long-short ratio of 2.58, with 72.09% long positions, suggesting bullish sentiment.

4. ENA's price moved above long-term moving averages (200MA at $0.4417, 200EMA at $0.41), signaling a strong upward trend with potential resistance at $0.68.

5. A pullback could see ENA retrace to $0.41 if the upward momentum fails.