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Pepe Pepe (PEPE) $0.00 ↓ -4.64%
Cronos Cronos (CRO) $0.14 ↓ -0.20%
Aave Aave (AAVE) $288.91 ↓ -3.10%
Ethena Ethena (ENA) $0.64 ↓ -3.94%
Bittensor Bittensor (TAO) $403.93 ↓ -5.75%
Pi Pi (PI) $0.44 ↑ 0.02%
NEAR Protocol NEAR Protocol (NEAR) $2.76 ↓ -4.78%
Ethereum Classic Ethereum Classic (ETC) $21.94 ↓ -4.57%
Ondo Ondo (ONDO) $0.99 ↓ -4.89%
Internet Computer Internet Computer (ICP) $5.56 ↓ -2.77%
Aptos Aptos (APT) $4.68 ↓ -3.31%
OKB OKB (OKB) $48.62 ↑ 0.33%
Mantle Mantle (MNT) $0.80 ↓ -3.34%
Bonk Bonk (BONK) $0.00 ↓ -0.48%
Kaspa Kaspa (KAS) $0.10 ↓ -5.84%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -7.41%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↓ -4.69%
Algorand Algorand (ALGO) $0.27 ↓ -5.26%
Arbitrum Arbitrum (ARB) $0.43 ↓ -4.04%
GateToken GateToken (GT) $18.01 ↑ 0.63%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.01%
VeChain VeChain (VET) $0.02 ↓ -4.18%
Render Render (RENDER) $4.08 ↓ -5.00%
Worldcoin Worldcoin (WLD) $1.12 ↓ -6.29%
SPX6900 SPX6900 (SPX) $2.16 ↑ 2.54%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $9.80 ↓ -4.35%
Sky Sky (SKY) $0.09 ↓ -5.47%
Sei Sei (SEI) $0.32 ↓ -5.65%
Cosmos Cosmos (ATOM) $4.65 ↓ -3.29%
Filecoin Filecoin (FIL) $2.62 ↓ -3.38%
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Jupiter Jupiter (JUP) $0.55 ↓ -5.78%
Story Story (IP) $5.60 ↑ 1.48%
Quant Quant (QNT) $122.31 ↓ -4.76%
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KuCoin Token KuCoin Token (KCS) $11.49 ↓ -0.19%
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Curve DAO Token Curve DAO Token (CRV) $1.02 ↓ -3.11%
Celestia Celestia (TIA) $1.90 ↓ -5.03%
Optimism Optimism (OP) $0.76 ↑ 5.08%
Four Four (FORM) $3.39 ↓ -2.52%
Stacks Stacks (STX) $0.79 ↓ -6.57%
Fartcoin Fartcoin (FARTCOIN) $1.17 ↓ -10.33%
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Home Economy

Ethena (ENA) Faces -42% Funding Rate: Could This Trigger a Massive Rebound?

Shumayel Affandi by Shumayel Affandi
28 January 2025
in Economy, News
Reading Time: 3 mins read
0
Ethena (ENA) Faces -42% Funding Rate: Could This Trigger a Massive Rebound?

Table of Contents

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    • Experts Predict 100x Crypto Breakout: MoonBull Whitelist Filling Rapidly, Turbo AI Debuts Strong, GOAT Volume Climbs
  • What Does a -42% Funding Rate Mean for ENA? 
  • Technical Analysis: Is ENA Poised for a Rebound? 
  • Declining Network Activity Adds to Bearish Pressure
  • Conclusion: A Potential Turning Point for Ethena
    • FAQs

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Ethena (ENA), a prominent altcoin, is currently trading at $0.715, marking a 14% drop in the last 24 hours. This decline reportedly extends its bearish streak to 21% over the past seven days. However, a unique situation is unfolding in the futures market, as Ethena funding rates have plummeted to -42%, indicating a surge in short positions. While this reflects bearish sentiment, analysts suggest it could set the stage for a dramatic rebound.

What Does a -42% Funding Rate Mean for ENA? 

Funding rates are a key metric in the futures market, reflecting the balance between long and short positions. A negative funding rate, such as ENA’s -42%, means traders holding short positions are paying those with long positions to maintain their trades. This scenario often indicates a bearish market sentiment as more traders are betting on further price declines.

According to data from Coinglass, the current funding rate is the lowest ENA has seen in months. “Negative funding rates can be a double-edged sword,” says crypto analyst Jacob Thomas. “While they signal bearish sentiment, they also create the potential for a short squeeze, where a sudden price reversal forces short sellers to buy back ENA, driving prices higher.”

Ethena
Ethena

This dynamic could lead to a bullish reversal if ENA’s price begins to climb, triggering a cascade of forced buying.

Technical Analysis: Is ENA Poised for a Rebound? 

A closer look at ENA’s daily chart reveals a descending parallel pattern, a technical indicator often associated with bearish trends. At press time, Ethena had breached the midline of this pattern, with a potential drop below the lower trendline accelerating the downtrend.

The Relative Strength Index (RSI), a momentum indicator, has dropped to 35, its lowest level since early September. This suggests intense selling pressure. Additionally, the On-Balance-Volume (OBV) indicator remains negative, indicating that selling activity outweighs buying interest.

Ethena
Ethena

“For ENA to reverse its downtrend, it needs to break the resistance level at the 0.5 Fibonacci level, which stands at $1.017,” explains Thomas. “A breakout above this level could pave the way for a rally toward $1.31.”

Declining Network Activity Adds to Bearish Pressure

While market dynamics play a crucial role in ENA’s price movement, network activity is another critical factor. Data from Santiment shows that daily active addresses on the Ethena network have dropped to 1,031, the lowest in two months. This decline suggests waning interest in the altcoin, further fueling negative market sentiment.

“Reduced network activity often correlates with price declines,” says Thomas. “For ENA to regain momentum, we need to see an uptick in user engagement and adoption.”

Conclusion: A Potential Turning Point for Ethena

Ethena (ENA) is at a critical juncture, with its -42% funding rate highlighting a surge in short positions. While this reflects bearish sentiment, it also sets the stage for a potential short squeeze that could trigger a bullish reversal. However, technical indicators and declining network activity suggest that bears remain in control for now.

Investors should keep a close eye on key resistance levels and network metrics to gauge ENA’s next move. As the crypto market remains highly volatile, ENA’s future will depend on whether buyers can regain control or if the bearish trend continues. Keep following Turkishnyradio and keep an eye on Ethena.

FAQs

  1. What is a funding rate in crypto?

   A funding rate is a fee paid between traders in the futures market to balance long and short positions. Negative rates indicate more short positions, while positive rates suggest more long positions.

  1. What is a short squeeze?

   A short squeeze occurs when a sudden price increase forces short sellers to buy back an asset to cover their positions, driving prices even higher.

  1. Why is ENA’s network activity important?

   Network activity, such as daily active addresses, reflects user engagement and adoption. Declining activity often correlates with price drops, while increased activity can signal growing interest.

  1. Can ENA rebound from its current price?

   While ENA’s -42% funding rate creates the potential for a rebound, technical indicators and declining network activity suggest that bears remain in control. A breakout above key resistance levels could signal a reversal.

Tags: ENA ReboundEthena funding
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