- ENA has the potential to rise by 65% to hit the $0.65 mark if it can maintain the $0.36 level.
- Traders were heavily leveraged at $0.394 and $0.418, indicating a cautious market sentiment.
Ethena [ENA] is attracting attention from the cryptocurrency community amidst market volatility.
Recently, a new wallet withdrew 14.51 million ENA tokens worth $5.95 million from Binance, hinting at possible accumulation by large investors.
This withdrawal aligns with the “Buy the Dip” strategy, suggesting confidence in the token’s future performance.
$2.10 million in ENA outflow
Apart from the significant withdrawal, long-term holders have been accumulating ENA tokens, as per reports from Coinglass.
Exchanges have experienced an outflow of $2.10 million worth of ENA tokens in the last 24 hours, indicating strong investor interest.
Source: Coinglass
The increase in whale activity suggests a positive outlook for ENA, with potential for a price surge in the near future.
On-chain analytics show a 1,030% surge in large transactions and a 64% rise in daily active addresses for ENA in the past 24 hours, indicating renewed interest from institutional investors.
Crucial ENA levels
Key liquidation areas for ENA are $0.394 and $0.418, where traders have established over-leveraged positions.
If the price drops to $0.394, approximately $6.26 million in long positions will be liquidated, while a rise to $0.418 could lead to liquidation of $2.44 million in short positions.
Source: Coinglass
Bulls currently seem to have an upper hand in the market, potentially driving a recovery in ENA’s price.
Price analysis and upcoming levels
ENA is trading around $0.41, with a 4.50% increase in the last 24 hours.
At $0.41, ENA faces strong support, historically triggering significant price reversals.
Source: TradingView
If ENA maintains above $0.36, there is a strong chance of a 65% rally to $0.65 in the future.
sentence in a more concise manner.
Please rewrite the sentence so that it is more concise.