๐ Ethena (ENA) Token Rides Bullish Wave Fueled by Whale Stakings ๐
๐ Ethena (ENA) Token Sees Strong Bullish Momentum
In the last 24 hours, Ethena (ENA) has demonstrated robust bullish activity, trading between $1.059 and $1.217 before settling at $1.16, marking a 3.18% increase. ENA's market capitalization has also risen by 2.88% to $1.666 billion, despite a 32.11% decline in trading volume to $912.244 million. ๐
๐ Whale Boosts Stake in $ENA
A significant bullish trend for ENA is attributed to a whale investor who increased their stake by withdrawing and staking substantial amounts of $ENA tokens from Binance, totaling millions of dollars. This bullish stance by the investor, despite market fluctuations, indicates strong confidence in ENA's potential. ๐ณ
๐ก ENA Technical Analysis and Price Targets
ENA is currently targeting the $1.30 resistance level with potential to rally towards $1.46 upon breaching this zone. The 50-day moving average (MA) and Fibonacci retracement level signal short-term support, supporting the bullish outlook. Traders eye profit-taking opportunities at $1.46, but caution is advised if ENA dips below key support levels, potentially testing $0.98. ๐
โก MACD Indicator and Buying Pressure
The Moving Average Convergence Divergence (MACD) indicator confirms bullish sentiment with the MACD line above the signal line and histogram bars in the green zone above zero, indicating increasing buying pressure and potential for further price gains in the short term. ๐
