Bittime - Ethena (ENA) is showing bullish movement in the last 24 hours. The price moved between $1,217 (high) and $1,059 (low). Currently, ENA is trading at $1.16, up 3.18% from yesterday. The following is an analysis of the movement of Ethena (ENA) summarized from investing.com.
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Even though the price rose, ENA's trading volume actually fell 32.11% to $912,244 million. This decline indicates reduced daily trading activity.
However, the volume/market capitalization ratio of 54.16% shows that investment interest in ENA is still high, despite the decline in trading volume.
Large Investor Accumulates ENA
ENA's positive trend may be related to the actions of large investors who are often called "whales." These investors have increased their ENA holdings significantly.
According to a tweet from Spot On Chain, in the last four days, the investor withdrew a total of 18.12 million ENA tokens from Binance.
The total value of these tokens is approximately $23.9 million, with an average price of $1.32 per token.
The investor even withdrew an additional 6.954 million ENA ($7.99 million) from Binance even though the price dropped to $1.15, and immediately staked all the tokens.
This action shows investors' optimism towards ENA, because they continue to increase their ownership even though they have the potential to suffer losses.
ENA Technical Analysis
ENA to IDR via Bittime Exchange
ENA's 1-hour chart shows a bullish trend, characterized by strong support and consistent breakouts of resistance levels.
Currently, the price is moving towards the $1.30 resistance. If this level is broken, the price is expected to continue rising, with the next resistance target at $1.46.
The indicator supporting this bullish trend is the 50-day Moving Average (MA) line which supports the ENA candlestick pattern, providing short-term support.
Additionally, the 78.6% Fibonacci retracement level shows potential strong support, indicating the possibility of continued price increases.
Predictions and Risks
Traders may take the opportunity to take profits up to the $1.46 level. However, there are risks to consider.
If the price falls below the 50-day MA and breaks the 2-day trendline, ENA could decline and test the support level at $0.98.
Technical analysis supports optimistic sentiment. The Moving Average Convergence Divergence (MACD) indicator is in the positive zone at level 0.0089.
A sharp rise of the MACD line above the signal line indicates a strong bullish sentiment, so there is a possibility that the price will continue to rise in the short term.
The MACD histogram also reinforces this view. The green bar above the zero line with increasing size indicates increasing buying pressure, potentially pushing ENA price to higher levels in the near future.
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How to Buy Ethena (ENA) on Bittime
You can buy and sell Ethena (ENA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethena (ENA) is available on Bittime with the market pair ENA/IDR . To be able to buy ENA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethena (ENA) on Bittime .
Monitor price chart movements for Ethena (ENA), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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