Athena (ENA) has been trending higher since the 8th of July. The altcoin has made 14.11% from the low of $0.072 that day to the current price of $0.082 after retracing the short-term resistance of $0.08. However, the token has been on a downward trend since it attempted to break above $0.10 in early June. Despite recent gains, the downtrend has yet to be broken.
The Robinhood Earn feature, launched on the 1st of July, has also been a great addition to Athena. The network noted in a post on X that Athena represented 70% of the financial share from Robinhood’s deposits. Athena invested $50 million in the USDG room on Morpho, selected by Steakhouse Financial. This entry pushed Robinhood Chain’s TVL by 160%.
In comparison to this good news about the dollar protocol creation was a post by Whale Alerts on X that showed the transfer of 1.231 billion ENA, totaling $94 million, between two anonymous wallets.
Using the value of ENA to process incoming data
For an altcoin that is down 94% from all time, the weekly chart is expected to be bearish. OBV has been making new lows for two years. The SOME news it fell below the $0.19-$0.20 support zone earlier in the year. This feature is protected from September 2024.
Other bullish signals were not bullish or bearish during this period, and OBV showed overall bearish dominance. However, the lower long-term zone has been breached.
Should ENA traders wait before selling?
The 1-day swing system was broken in early June (white). A continued decline in prices from the 0.08 area requires the OBV to continue to the upside to signal buying pressure.
Such a leap is technically possible, but broader market sentiment should support ENA’s transition, if it ever comes. Even then, the round number of $0.105 and the 50% retracement level would be a big resistance to deal with.
A jump of $0.105-$0.125 can be traded with desire. At current prices, not buying in anticipation of a dip or selling ahead of the high price had enough risk of reward for the fast trader.
Brief Summary
- ENA’s $94 million mark that is important alongside the growth of Robinhood Earn news gave mixed signals to market participants.
- Long-term price action was subdued, and the $0.105-$0.125 key resistance zone was one to watch.
