Ethena (ENA) Token Rides Bullish Wave Fueled by Whale Stakings

• ENA’s price rose to $1.16, a 3.18% increase in the last 24 hours.
• Whale boosts ENA stake, withdrawing 18.12M tokens.
• Technical indicators suggest strong ENA buying pressure.

In the last 24 hours, the Ethena (ENA) token has exhibited strong bullish momentum, with its price fluctuating between a daily high of $1.217 and a low of $1.059. As of press time, ENA is trading at $1.16, reflecting a 3.18% increase from the previous day.

ENA’s market capitalization also rose by 2.88%, reaching $1.666 billion. Despite this positive price movement, ENA’s trading volume declined significantly, dropping by 32.11% to $912.244 million. This decrease in trading volume suggests a reduction in trading activity.

However, the volume/market cap ratio, which stands at 54.16%, indicates that there remains considerable interest and investment in the ENA token, even amid the recent dip in trading volume.

Whale Increases Stakes in $ENA

The optimistic trend of ENA can be linked to an investor, often termed a “whale,” who has markedly boosted their stake in the digital asset $ENA. According to a spot-on chain tweet, within the past four days, this investor withdrew a total of 18.12 million $ENA tokens from the trading platform Binance. These tokens were valued at approximately $23.9 million, with an average price of roughly $1.32 per token.

The transactions were executed through two specific wallets, identified as 0xbba and 0x886, where all tokens were subsequently staked. Despite a notable drop in value to approximately $1.15 per token, the whale proceeded to withdraw an additional 6.954 million $ENA tokens from Binance, amounting to $7.99 million, and staked these as well. This move suggests a bullish stance on $ENA by the investor, as they continue to increase their stake despite facing potential losses.

Earlier this month, on April 12, this investor’s further activity was observed when they withdrew 11.17 million $ENA tokens ($15.95 million) from Binance at an estimated price of $1.43 each. Half of these tokens, around 5.59 million, were staked with Ethena Labs, making the investor the fourth-largest staker of $ENA. 

ENA Technical Analysis

The ENA token is demonstrating a bullish trend on the 1-hour chart, characterized by strong support and consistent breaching of resistance levels. Presently, the price is targeting the $1.30 resistance zone, with expectations to rally further if this level is surpassed, setting the next resistance objective at $1.46.

Supporting this bullish outlook is the 50-day moving average (MA), which has intersected with ENA’s candlestick patterns to provide short-term support. Additionally, the 78.6% Fibonacci retracement level indicates significant potential support on this level, suggesting a likelihood of continued upward movement. 

Traders are anticipated to seize opportunities to take profits up to the $1.46 level. However, there are risks to consider. Should the price fall below the 50-MA and breach the 2-day trendline, ENA could face a downturn, potentially dropping to test the support level at $0.98.

From a technical analysis standpoint, the Moving Average Convergence Divergence (MACD) indicator supports the optimistic sentiment, trading at 0.0089 in the positive zone. The MACD line’s vertical ascent over the signal line emphasizes a strong bullish sentiment, suggesting the possibility of further price gains in the short term.

Furthermore, the MACD histogram reinforces this perspective, with bars in the green zone above the zero line. The increasing size of these bars indicates growing buying pressure, which could drive ENA’s price to higher levels soon.