The Ethena token (ENA) is driving a bullish wave powered by Whale Stakes

• The value of ENA rose to $1.16, a 3.18% enhance within the final 24 hours.
• The whale raises ENA’s guess and collects 18.12 million tokens.
• Technical indicators counsel robust ENA shopping for stress.

Over the previous 24 hours, Ethena token (ENA) has proven robust upward momentum, with its value fluctuating between a every day excessive of $1.217 and a low of $1.059. At press time, ENA is buying and selling at $1.16, reflecting a 3.18% enhance from the day past.

ENA’s market capitalization additionally elevated by 2.88% to succeed in $1.666 billion. Regardless of this optimistic value motion, ENA’s buying and selling quantity dropped considerably by 32.11% to $912.244 million. This lower in buying and selling quantity signifies a discount in buying and selling exercise.

Nevertheless, the quantity/market cap ratio of 54.16% suggests that there’s nonetheless appreciable curiosity and funding within the ENA token, regardless of the latest decline in buying and selling quantity.

Whale raises stakes in $ENA

The bullish pattern of ENA will be linked to an investor, usually referred to as a “whale”, who has considerably elevated his stake within the digital asset $ENA. In response to the spot-on chain tweet, this investor has withdrawn a complete of 18.12 million $ENA tokens from the Binance buying and selling platform within the final 4 days. These tokens have been valued at roughly $23.9 million, with a mean value of roughly $1.32 per token.

Transactions have been made via two particular wallets, labeled 0xbba and 0x886, the place all tokens have been subsequently staked. Regardless of the numerous drop in worth to round $1.15 per token, the whale proceeded to withdraw and stake a further $6.954 million in ENA tokens from Binance, representing $7.99 million. The transfer signifies an investor’s bullish stance on $ENA because it continues to extend its stake regardless of potential losses.

Earlier this month, on April 12, one other exercise of this investor was noticed when he withdrew $11.17 million in ENA tokens ($15.95 million) from Binance at an estimated value of $1.43 every. Half of those tokens, roughly 5.59 million, have been staked with Athena Labs, making the investor the fourth largest $ENA bettor.

Technical evaluation of ENA

The ENA token reveals a bullish pattern on the 1-hour chart, characterised by robust help and constant breaking of resistance ranges. Presently, the value is focusing on the $1.30 resistance zone with the expectation of additional upside if this degree is breached, setting the following resistance goal at $1.46.

This bullish outlook is supported by the 50-day shifting common (MA), which has crossed with ENA candlestick patterns to supply near-term help. Moreover, the 78.6% Fibonacci retracement degree signifies vital potential help at this degree, indicating the probability of a continued upward transfer.

Merchants are anticipated to reap the benefits of the chance to take income as much as the $1.46 degree. Nevertheless, there are dangers to contemplate. If the value have been to interrupt under the 50-MA and break the 2-day trendline, ENA might face a draw back and doubtlessly drop to check the $0.98 help degree.

By way of technical evaluation, optimistic sentiment is supported by the MACD (Shifting Common Convergence Divergence) indicator, buying and selling at 0.0089 within the optimistic zone. A vertical rise of the MACD line over the sign line highlights robust bullish sentiment, indicating the potential of additional value beneficial properties within the brief time period.

As well as, the MACD histogram reinforces this angle with bars within the inexperienced zone above the zero line. The growing dimension of those bars signifies growing shopping for stress that might quickly push the value of ENA to larger ranges.