• ENA was testing key support at $0.4847, with potential resistance levels at $0.5126 and $0.5657.
• A surge in new addresses suggested rising investor confidence, supporting ENA’s potential rebound.

Ethena [ENA] has recently shown signs of a potential reversal as the TD Sequential indicator flashed multiple buy signals on the 4-hour chart, signaling a possible change in momentum.

At press time, ENA was trading at $0.4882, reflecting a 10.81% decline over the past 24 hours. 

The price has experienced a significant drop, but technical analysis indicates that a potential rebound could be in the cards.

Price action and key resistance levels: Can Ethena breakthrough?

ENA’s price action has been under pressure, recently breaking through several support levels. Currently, the token is testing a critical support level near $0.4847, an important price floor.

If this level holds, ENA could reverse its downtrend and target key resistance levels at $0.5126 and $0.5657.

However, if ENA fails to hold this support, it could continue consolidating or experience further downside.

Surge in addresses: What’s driving the demand?

ENA has seen a surge in the number of addresses holding the token. Over the past week, new addresses holding ENA have increased by 238.94%, showing growing interest in the token.

Active addresses have also risen by 97.84%, indicating that investors are holding their positions rather than trading frequently. This increase in addresses could provide long-term support for ENA at lower price levels.

It suggests that investor confidence is rising despite the current downtrend.