Ethena [Ena]在為期1天的時間範圍內看漲了市場結構。

這次轉變發生在5月10日，當時以前的高處在圖表上違反了0.35美元。

Ethena [ENA] made a bullish market structure break on the 1-day timeframe. This shift occurred on 10 May, when the previous lower high at $0.35 was breached on the charts.

Ethena [Ena]在為期1天的時間範圍內看漲了市場結構。這次轉變發生在5月10日，當時以前的高處在圖表上違反了0.35美元。

Source : ENA/USDT on TradingView

資料來源：ENA/USDT在TradingView上

Interestingly, this market structure break came alongside a breakout past the descending channel (white). Over the past week, ENA has retested the channel highs as support and strove to climb higher.

有趣的是，這種市場結構的突破與降臨頻道（白色）的突破伴隨著。在過去的一周中，ENA已重新測試了頻道的高點，並努力攀升更高。

With Bitcoin [BTC] nearing new all-time highs, bullish sentiment across the crypto market has been nearing euphoria. This could overflow into the altcoin markets and take prices higher.

隨著比特幣[BTC]的新歷史最高點，加密貨幣市場的看漲情緒已經接近欣快。這可能會溢出山寨幣市場，並使價格更高。

Technical analysis of ENA revealed a hike in trading volume over the past ten days. The OBV also broke above the highs made in March and April. Meanwhile, on the same 1-day timeframe, the RSI did not form a bearish divergence. The indicator reflected bullish impetus and buying pressure and pointed to further gains for Ethena.

ENA的技術分析顯示，在過去的十天中，交易量增加了。顯而易見的是，在三月和四月的高點上也打破了高點。同時，在相同的為期1天的時間範圍內，RSI並未形成看跌的分歧。該指標反映了看漲的動力和購買壓力，並指出了埃塞納的進一步增長。

On-chain metrics warn of an overvalued ENA

鏈上指標警告一個高估的ENA

Source : Santiment

資料來源：santiment

The daily active addresses for Ethena were at commendable levels over the past three weeks. Its peak activity on 9 May was the largest single-day count since 6 February.

在過去的三周中，乙烯的每日活躍地址在值得稱讚的水平上。 5月9日的高峰活動是2月6日以來最大的單日數。

And yet, the demand for the Ethena token was not widespread. The mean coin age metric has been on a steady downtrend since mid-February, with occasional rallies. Such a bounce in the mean coin age was seen in May.

然而，對乙烯令牌的需求並不普遍。自2月中旬以來，平均硬幣年齡指標一直處於穩定的下降趨勢。在五月份看到這種平均硬幣年齡的反彈。

Generally, a rising MCA alludes to network-wide accumulation. However, its low values compared to December and January suggested that Ethena might be nearing the tail end of a distribution phase. Despite the breakout past the channel, ENA did not quite have a strongly bullish outlook on the higher timeframes at press time. Especially after retracing all the gains made in November and December.

通常，上升的MCA暗示了整個網絡的積累。但是，與12月和1月相比，其低值表明乙烯可能接近分配階段的尾端。儘管頻道超過了頻道，但ENA在發稿時的較高時間範圍並沒有完全看好前景。特別是在回顧了11月和12月所取得的所有收益之後。

Finally, the MVRV ratio agreed with this finding, showing that the 180-day holders were at a mild loss of 14.5%. Combined with the slumped MCA, ENA did not appear to offer a long-term buying opportunity.

最後，MVRV比率與這一發現一致，表明180天的持有人輕度損失14.5％。結合衰退的MCA，ENA似乎沒有提供長期購買機會。

Moreover, the elevated NVT values at certain times during the past few months showed volatile transaction volumes. This could be a sign of an overvalued asset, as the on-chain transfer volume did not match the market cap growth.

此外，在過去幾個月中的某些時間的NVT值升高顯示揮發性交易量。這可能是資產高估的跡象，因為鏈轉移量與市值增長不符。