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Cryptocurrency News Articles
Ethena (ENA) Token Soars Amidst Strong Buying and Whale Accumulation
Apr 16, 2024 at 05:03 am
Ethena (ENA) recently experienced a surge in price, reaching $1.16, a 3.18% gain over 24 hours. A whale investor significantly boosted their ENA holdings, withdrawing 18.12 million tokens. Technical indicators, including EMA and MACD, suggest strong buying pressure, pointing to further price increases. Despite a drop in trading volume, the volume/market cap ratio indicates ongoing interest in ENA.
Ethena (ENA) Token Surges on Robust Buying Pressure
The Ethena (ENA) token has exhibited exceptional bullish momentum over the past 24 hours, attributed to significant buying pressure and a notable increase in whale staking activity. As of press time, ENA trades at $1.16, marking a 3.18% gain from the previous day.
Price Movement and Market Indicators
Analysis of the ENA/USD 24-hour chart reveals that the token's price fluctuated between a high of $1.217 and a low of $1.059. The price surge has lifted ENA's market capitalization by 2.88% to $1.666 billion. Despite this upward trajectory, trading volume has declined by 32.11% to $912.244 million, indicating a decrease in trading activity.
However, the volume/market cap ratio remains at a healthy 54.16%, suggesting ongoing interest and investment in ENA despite the recent dip in trading.
Whale Staking Boosts ENA
The bullish sentiment surrounding ENA can be traced to a massive stake increase by a prominent investor, often referred to as a "whale." According to data from Spot On Chain, this investor has withdrawn a total of 18.12 million ENA tokens from the Binance trading platform over the past four days. These tokens, valued at approximately $23.9 million, were withdrawn at an average price of $1.32 per token.
The whale has further withdrawn 6.954 million ENA tokens ($7.99 million) from Binance at a price of approximately $1.15 per token, despite a notable drop in value. All withdrawn tokens have been staked through two specific wallets, 0xbba and 0x886, indicating a bullish stance on ENA and a willingness to continue increasing stakes despite potential losses.
Technical Analysis
On the 1-hour chart, ENA exhibits a bullish trend characterized by strong support and consistent resistance level breaches. The price is currently targeting the $1.30 resistance zone, with further rallies expected if this level is exceeded, setting the next resistance objective at $1.46.
Supporting the bullish outlook is the 50-day moving average (MA), which intersects with ENA's candlestick patterns to provide short-term support. Additionally, the 78.6% Fibonacci retracement level indicates significant potential support at this level, suggesting a likelihood of continued upward movement.
Traders are anticipated to seize opportunities to take profits up to the $1.46 level. However, risks should be considered. Should the price fall below the 50-MA and breach the 2-day trendline, ENA could face a downturn, potentially dropping to test the support level at $0.98.
Moving Average Convergence Divergence (MACD) Indicator
From a technical analysis standpoint, the MACD indicator aligns with the optimistic sentiment. The indicator trades at 0.0089 in the positive zone, with the MACD line's vertical ascent over the signal line highlighting a strong bullish sentiment. This suggests the possibility of further price gains in the short term.
Furthermore, the MACD histogram reinforces this perspective, with bars in the green zone above the zero line. The increasing size of these bars indicates growing buying pressure, which could drive ENA's price to higher levels in the near future.
Conclusion
The Ethena (ENA) token has embarked on a bullish wave fueled by robust buying pressure and substantial whale staking activity. Technical indicators and market sentiment suggest that this momentum is likely to continue, with potential for further price increases in the short term. However, traders should remain vigilant of potential risks and consider both support and resistance levels when making investment decisions.
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