Since listing, $ENA has doubled in value, surging 13.54% in 24 hours.
Large amounts of $ENA moved to Binance hint at bullish momentum.
Technical indicators show that $ENA may face a short-term correction.
In financial developments, the digital currency $ENA has seen an unprecedented surge, doubling in value since its listing. The growth story unfolded as the renowned analytics platform Lookonchain reported a major transaction involving the $ENA currency.
According to Lookonchain, just six hours ago, a wallet transferred $62.5 million in ENA (worth about $83.75 million) to the global cryptocurrency exchange Binance. The source of this huge amount of $ENA can be traced back to the Gnosis Safe Proxy wallet associated with the Ethena team, from which the wallet received the funds four days ago.
ENA token surged 13.54% in a single day, reaching a peak of $1.404
Following the news, the price of the Ethena (ENA) token has seen a significant increase, gaining 13.54% in the past 24 hours. Data from CoinStats highlights that during today’s trading session, the price of ENA fluctuated between a high of $1.404 and a low of $1.089, identifying these figures as support and resistance levels for the day, respectively.
If the bullish momentum behind ENA continues, the bulls target $1.404. If this level is crossed, the price of ENA could climb higher to set a new intraday high. Conversely, if this price level proves to be a strong resistance point and prevents an upward breakout, the price of ENA could follow a downward trajectory, potentially revisiting the intraday low.
ENA/USD Technical Analysis
The ENA /USD pair is showing a bullish trend on the 1-hour chart but is currently facing a correction phase. The $1.404 resistance level has become a crucial barrier for the coin’s upward momentum. Therefore, market analysts believe that this correction could see a fall back to the $1.22 support level, which is currently acting as an immediate support. If the price breaks above the 50% Fibonacci retracement level during this correction, it could indicate a trend reversal that could challenge the day’s lowest price.
On the other hand, the $1.22 support level has previously shown resilience and could serve as a recovery point if buyers intervene to sustain this price. The stabilization of this level suggests that the bullish trend is still active and could set the stage for a retest of the $1.404 resistance level to overcome it.
Technical indicators provide further insights into the coin’s market dynamics. The Moving Average Convergence Divergence (MACD) indicator’s MACD line is located at 0.035 and is currently indicating a downward crossover with the signal line. This pattern is often interpreted as a bearish sign, meaning that continued selling pressure could lead to lower price levels.
This outlook is supported by the histogram being in the red zone, which indicates a decline in positive momentum. In addition, the Chaikin Money Flow (CMF) indicator is in the negative territory at 0.30, highlighting strong outflows from the coin. This is in line with the bearish scenario suggested by the MACD, indicating that the coin’s price could fall.
