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Ethena is a financial protocol built on the Ethereum blockchain, designed to provide a synthetic dollar solution that operates independently of traditional banking systems.
Whale Accumulation-
Recent activity from large investors (or whales) in Ethena (ENA) has greatly impacted its price. In the past 24 hours, the number of big transactions over $100,000 jumped from 23 to 128, and the total transaction volume went from $26 million to $142 million, which is an increase of over 400%. This rise in large trades has contributed to ENA's price increase of 5% in just one day, showing that major investors are becoming more confident in the asset’s potential for further growth.
ENAUSD was one of the best performer in the past three days
Any daily close above $0.52 confirms further bullishness.
ENAUSD surged sharply with increasing volume.The pair holds well above the short-term (34 and 55 EMA) and long-term moving average. It hit a low of $0.3961 and is currently trading around $0.38605.
This week, Ethena (ENA) saw a lot of trading activity, with its highest trading volume reaching about $411.74 million in the last 24 hours, according to DigitalCoinPrice.
The bullish invalidation can happen if the pair closes below $0.260. On the lower side, the near-term support is $0.4350. Any break below targets $0.370/$0.300/$0.260.
The immediate resistance stands at around $0.5375. Any breach above confirms a minor pullback. A jump to $0.6350/$0.700 is possible. A surge past $0.700074 will take it to $0.6350/$0.7000.
It is good to buy on dips around $0.4750- 48 with SL around $0.3980 for TP of $0.6350.
