Ethena [ENA] is catching the attention of cryptocurrency enthusiasts amidst a period of market uncertainty.<\/p>\n
Recent data from Lookonchain, a blockchain-based transaction tracker, indicated that a newly established wallet withdrew 14.51 million ENA tokens valued at $5.95 million from Binance.<\/p>\n
This significant withdrawal suggests a possible accumulation strategy by large crypto holders, showcasing an example of the popular “Buy the Dip” approach.<\/p>\n
Aside from the notable withdrawal, investors and long-term holders have been seen accumulating ENA tokens, as highlighted by Coinglass reports.<\/p>\n
Spot Inflow\/Outflow data reveals that exchanges have experienced an outflow of $2.10 million in ENA tokens within the last 24 hours.<\/p>\n
Combining these findings indicates an increased buying spree by whales, likely leading to continued buying pressure and a potential price surge.<\/p>\n
On the contrary, IntoTheBlock’s on-chain analytics firm reported a remarkable surge of 1,030% in large transaction volumes for ENA over the past day, coupled with a 64% rise in daily active addresses.<\/p>\n
This surge potentially signifies a renewed interest and active engagement in the token by whales and institutional investors.<\/p>\n
As of now, crucial liquidation benchmarks stand at $0.394 as the lower level and $0.418 as the upper boundary, with over-leveraged intraday traders at these points.<\/p>\n
If the bearish sentiment persists and pushes the price down to $0.394, approximately $6.26 million worth of long positions could face liquidation from traders who hoped the price would remain above this level.<\/p>\n
Conversely, a shift in sentiment leading to a rise to $0.418 could result in nearly $2.44 million worth of short positions being liquidated.<\/p>\n
Considering the over-leveraged positions held by both bulls and bears, the current dominance by bulls indicates a potential asset recovery soon.<\/p>\n
ENA is currently trading around $0.41, having experienced a 4.50% surge in the last 24 hours.<\/p>\n
Based on analysis by CryptoCrypto, ENA is currently supported strongly at $0.41, a level historically associated with significant price reversals.<\/p>\n
If ENA maintains above $0.36 in the coming days, there is a high likelihood of a 65% rally towards $0.65 in the foreseeable future.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethena [ENA] is catching the attention of cryptocurrency enthusiasts amidst a period of market uncertainty. Recent data from Lookonchain, a blockchain-based transaction tracker, indicated that a newly established wallet withdrew 14.51 million ENA tokens valued at $5.95 million from Binance. This significant withdrawal suggests a possible accumulation strategy by large crypto holders, showcasing an example<\/p>\n","protected":false},"author":1,"featured_media":41720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-41719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=41719"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41719\/revisions"}],"predecessor-version":[{"id":41722,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41719\/revisions\/41722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/41720"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=41719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=41719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=41719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}