Ethena surges 17% in a week! – Mapping ENA’s road to $1
Main Idea
Ethena (ENA) has surged 17% in a week, driven by strong buying pressure and whale accumulation, though short-term volatility and a potential market dip are noted.
Key Points
1. Ethena (ENA) broke past a key resistance level from February, turning it into support, and surged 17.6% in a week despite a recent 10.45% retracement.
2. Arthur Hayes, co-founder of BitMEX, holds 7.76 million ENA worth $4.59 million, signaling strong conviction in the token.
3. Whale accumulation of ENA increased, with addresses holding 100K-1M ENA growing from 514 to 574, indicating continued bullish sentiment.
4. The OBV (On-Balance Volume) showed steady buying pressure, but the MFI (Money Flow Index) indicated a bearish divergence, suggesting potential short-term volatility.
5. A broader crypto market dip may be imminent as Bitcoin falls below the $115K mark, which could impact ENA's price trajectory.
Description
Arkham data showed Arthur Hayes holds 7.76 million ENA worth $4.59 million, a sign of long-term conviction.
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