Bitcoin Holds Above $74,000 as Polkadot, Ethena Outperform

Key Moments

Market Overview

The cryptocurrency market steadies as US President Donald Trump signals optimism around ongoing ceasefire discussions, stating the truce is “going to be a good deal.” Bitcoin (BTC) remains above $74,000 at press time on Friday, even as overall market liquidations climb past $400 million, underscoring elevated price swings across digital assets.

RaveDAO (DAO), Polkadot (DOT), and Ethena (ENA) stand out among the stronger performers over the past 24 hours, leading gains in an otherwise volatile environment.

Geopolitics and Liquidations

Trump indicates that the two-week truce with Iran is likely to be extended while both sides continue to block the Strait of Hormuz. In an interview at the White House, he said, “It’s looking very good that we’re going to make a deal with Iran, and it’s going to be a good deal.”

Against this backdrop, the crypto market records $444 million in liquidations over the last 24 hours, comprising $226 million in short positions and $218 million in long positions. The near balance between long and short liquidations highlights intense two-way volatility as prices swing sharply in both directions.

Despite the elevated liquidations and choppy trading conditions, overall market sentiment remains neutral following the start of the US-Iran truce discussions.

Liquidation Snapshot

RaveDAO: Extended Rally in Price Discovery

RAVE trades above $17 at press time on Friday, continuing a steep upside phase that has pushed price far beyond its typical trend measures. The token is holding firmly above the 50-day Exponential Moving Average (EMA) at $3.1171 and the 100-day EMA at $1.8174, emphasizing a strong underlying uptrend despite the vertical character of the recent move.

Momentum indicators remain stretched. The Relative Strength Index (RSI) sits deep in overbought territory at 78, and the Moving Average Convergence Divergence (MACD) remains solidly positive. Together, these signals point to a powerful bullish impulse, while simultaneously indicating rising vulnerability to abrupt corrections.

With no clear nearby resistance based on prior price history, RAVE is trading in a price discovery phase.

On the downside, the first significant technical support resides well below current levels around the 50-day EMA near $3.12, followed by additional support at the 100-day EMA around $1.82. These zones are where dip-buying interest would be expected to reappear if a more pronounced pullback develops.

Polkadot: Bearish Structure, Stabilizing Momentum

Polkadot is trading above $1 at the time of writing on Friday, but its broader technical picture remains bearish. DOT sits below the 50-day, 100-day, and 200-day EMAs, which continue to act as ceilings on price and reinforce a prevailing downtrend.

However, some early signs of stabilization are emerging. The MACD has turned positive after crossing above its signal line and is trending higher, while the RSI at 50 hovers around the neutral midpoint. This combination suggests that downside pressure is easing, even though the overarching trend remains under strain.

On the upside, initial resistance is located near the 50-day EMA around $1.37, an area where sellers may reassert themselves on any recovery. A sustained break above that level would expose the next resistance zone at the 100-day EMA near $1.58, followed by a more substantial barrier at the 200-day EMA around $2.05.

On the downside, the S1 Pivot Point at $1.08 remains an important support area to watch.

Ethena: Recovery Attempts Within a Bearish Framework

Ethena is showing a measured recovery, having moved above the 50-day EMA at $0.1041, which now serves as the first layer of dynamic support. Despite this improvement, ENA continues to trade below the 100-day EMA at $0.1382 and the 200-day EMA at $0.2109, leaving the broader setup tilted to the downside.

Momentum is gradually improving. The RSI stands at 61, sitting just above the midpoint, while the MACD line has moved into positive territory. These developments indicate that near-term upside attempts may persist, though they are likely to encounter selling interest as price approaches higher moving averages.

On the topside, initial resistance aligns with the 100-day EMA at $0.1382. A daily close above this threshold would be required to begin softening the prevailing bearish structure before the more distant 200-day EMA at $0.2109 becomes a realistic technical objective.

On the downside, immediate support is defined by the 50-day EMA around $0.1041. A move back below this level would reopen the recent swing zone closer to the $0.10 area and would caution that a deeper retracement within the dominant downtrend may be unfolding.