Ethena retraces into $0.170 golden pocket – Here’s what buyers need to know

Ethena [ENA] has shown relative bullish strength against major large-cap altcoins. The crypto has rallied by 8.66% in the past 24 hours, compared to Bitcoin's [BTC] 0.16% gain and the altcoin sector's 0.40% move higher. The Open Interest behind Ethena in perpetuals markets has increased by 15.30%. Yet, the Spot CVD remained in a stubborn downtrend in recent hours, a signal from Coinalyze data that Spot demand was relatively weak. The Funding Rates were positive, too, showing market participants maintained a bullish view overall. Recently, it was reported that a $1 billion buyback could fuel an ENA charge back above $0.30. In recent weeks, Ethena has seen a downward price slide alongside the wider crypto market but maintained a bullish longer-term bias.

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