OKX to List Ethena (ENA) Token on Wednesday
OKX exchange will list the Ethena (ENA) token on Wednesday at 07:00 GMT. Users can trade ENA against Tether (USDT) starting then. Withdrawals for ENA will open at 10:00 GMT. This listing may increase trading volume and impact the token’s price.
On-chain data shows strong activity from large investors, known as whales. Parafi Capital and Flowdesk recently moved 4.08 million and 5.03 million ENA tokens to Binance. Meanwhile, new wallets have accumulated over 6 million ENA tokens each, signaling growing demand.
Mixed Signals in Ethena’s Derivatives Market
Ethena’s Open Interest (OI) in derivatives dropped by 1.26% in the last 24 hours to $1.57 billion. This decline suggests fewer active trading positions and less interest from some traders.
Despite this, the market shows bullish signs. The OI-weighted funding rate is positive at 0.0023%, meaning buyers pay a premium to hold long positions. Also, the taker buy volume rose to 49.18% from 45.81% on Saturday, indicating more traders are opening long positions.
Ethena Shows Signs of a Potential Price Reversal
Ethena’s price holds above a key support level of $0.6837. This may form a double bottom pattern on the 4-hour chart, which often signals a price reversal.
The Relative Strength Index (RSI) is at 35, higher than the previous low, showing bullish divergence. The Moving Average Convergence Divergence (MACD) is nearing a crossover with its signal line, hinting at a possible trend change.
If ENA rises above $0.7000, it could confirm the double bottom and target the 100-period Exponential Moving Average (EMA) at $0.7290. However, a drop below $0.6837 might lead to a fall toward $0.6109, last seen on September 2.
