Journalist
Posted:
- Ena could rise by 65% to reach the level of $ 0.65 if it has the level of $ 0.36.
- Traders were supplied too much at $ 0.394 at the bottom and at $ 0.418 at the top.
Ethena [ENA] Dealed widespread attention from crypto enthusiasts in the midst of market insecurity.
At the time of writing, the blockchain-based transaction tracker Lookonchain Posted on X (formerly Twitter) that a newly created wallet had withdrawn 14.51 million ENA tokens worth $ 5.95 million from Binance.
This substantial token -refund indicates possible accumulation due to crypto -whales. It serves as a perfect example of the “buy the dip” strategy.
$ 2.10 million in ena outflow
In addition to the remarkable withdrawal, investors and long -term holders have also collected the token, such as reported CoingLass.
Data from Spot -entry/outflow shows that exchanges have witnessed in the last 24 hours of an outflow of $ 2.10 million in Ena -Tokens.
Source: Coinglass
When combining these statistics, it seems that whales are on a buying spree that can create the purchasing pressure and generate a further price rally.
However, data from the On-Chain Analytics company Intothlock reports that the large transaction volume for ENA has risen by 1,030% in the last 24 hours. The daily active addresses also rose by 64%in the same period.
This may indicate that whales and institutions return and actively participate in token.
Main levels of ENA
At the time of the press, the most important liquidation areas were $ 0.394 at the bottom and $ 0.418 at the top. Intraday traders are excess at these levels.
Available data show that if the Bearish market sentiment continues and the price will fall to $ 0.394, almost $ 6.26 million will be liquidated in long positions. Traders built these positions in the hope that the ENA price would not fall below this level.
Conversely, if the sentiment shifts and the price rises to $ 0.418, almost $ 2.44 million in short positions are liquidated.
Source: Coinglass
When considering these livered positions by both bulls and bears, it seems that bulls are currently actively dominating and quickly help with recovery.
Ethena’s price action and the coming level
At the time of the press, Ena acts near $ 0.41 and more than 4.50% has risen over the past 24 hours.
According to Ambcrypto’s price analysis, Ena is currently at a strong support level of $ 0.41, which has a history of significant price oversourcements.
Source: TradingView
Based on the price momentum, if ENA applies to $ 0.36 in the coming days, there is a strong possibility that it could collect by 65% in the future to reach $ 0.65.