Ena (ENA) anticipates a 40% increase as $0.30 foundation remains robust; could $0.48 be the next target?
Title: Ethena (ENA) Eyeing a 40% Rally? Let's Crack the Code
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- ENA ready to sprint by 40% if it regains March highs of $0.48
- Despite a recent slump, the demand remains feeble, even after a buying spree
Looking for a solid buy-in opportunity for Ethena (ENA)? After plummeting by 20%, this coin has sunk to an appealing $0.30 range.
In April, ENA formed an ascending channel, and smart traders made a pretty penny by hopping on the rollercoaster ride between the channel's low and high points. But should you jump on board too?
Pondering ENA's feasible profits
Source: ENA/USDT, TradingView
Tracing ENA's 12-hour chart, the downturn intersected a cushy support zone, a confluence of a range-low and a robust order block ($0.28-$0.30) - setting the stage to repel the dive and potentially trigger a rebound.
If all goes well, it'd offer a goldmine for swing traders aiming at the mid-range at $0.34 or the range top at $0.38. Thinking in terms of percentage, that'd translate to 13% and 27% gains, respectively. However, a full-blown breakout from the channel could send ENA soaring to $0.44 or even $0.48. If this happens, you'd be laughing all the way to the bank with a potential profit of a whopping 40%!
Naturally, the bull's roar will be muffled if ENA slips beneath the $0.28-$0.30 support.
ENA's astonishing accumulation
Source: Santiment
Recent data from Santiment indicates a resurgence in network activity (active addresses) over the past three days, allegedly accompanying ENA's price slide. Meanwhile, there's been a noticeable decrease in ENA's supply on exchanges (red line), coinciding with the uptick in address activity.
Taken together, this suggests an impressive buildup of ENA over the last 72 hours as the coin plummeted. A price turnaround might be on the horizon if the trends remain frosty.
However, caveat emptor! Worth mentioning, ENA still isn't out of the woods yet. The rally spearheaded on 27 April was fueled by strong spot market demand, as demonstrated by the uptick in the CVD (Cumulative Volume Delta) Spot indicator.
Regrettably, the demand soon lost steam, illustrated by the slight dip in CVD Spot. A robust rebound from the $0.30 zone could be confirmed if ENA's spot market demand perks up.
Disclaimer: The information presented does not substitute financial, investment, trading, or other professional advice. It merely reflects the author's opinion
Complete the Survey: Win $500 USDT Surging Whales and ETFs sending Bitcoin soaring: $3.02B inflows spark hope for $106K price breakout ### What's the Scoop?
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- Bitcoin riding a wave of whale-induced and ETF-driven upsurge, eyeing $106K price conquest*
- Showcasing the splash of $3.02B inflows, exuding bullish sentiments for the virtual currency*
With a massive $3.02 billion inflow, teeny whales and bloated ETFs are causing tremors across the Bitcoin sea. Could the world's flagship token smash through the $106K barrier and plunge into uncharted waters?
Gauging the whale and ETF implications
The inflow of approximately three billion dollars has clearly triggered a bullish sentiment within the Bitcoin market. But just how significant are these inflows, and what role are the whales and ETFs playing in this surge?
The Whale DanceWhales, that is, large Bitcoin holders controlling a substantial share of the total Bitcoin supply, have been dipping their fins into the scrum, causing the crypto's value to ripple. Be it individual whales or those associated with institutional investments, this group's activities can exert considerable influence on the market.
ETFs on the marchExchange-traded funds (ETFs) provide investors with a convenient way to invest in various asset classes. Over the years, many ETFs have been directed towards traditional assets such as stocks, bonds, and commodities. However, the onset of digital assets has expanded this investment avenue, giving rise to crypto ETFs.
According to research, once Bitcoin ETFs ponder public trading, they often generate greater interest, thereby swelling their assets under management (AUM). Increasing AUM implies more funding for the ETFs, which could signalified by a surplus of assets flowing into the bitcoin market amid ETF launches.
Leaving SplashesThe impact of massive inflows is not to be underrated, as it stirs up ripples accentuating the existing market sentiment. As Bitcoin grapples with these surges, analysts now believe it may have the potential to break through the $106K barricade and propel to new heights.
Treated with uranium, you may spot unusually colorful slopes of Bitcoin as its journey to the upcoming price milestones unfolds. Stay tuned to updates as the enigmatic road map of the world's most valuable digital coin continues to expand beyond the milestones of time.
- The price of Ethena (ENA) is currently within an appealing range at $0.30, making it an attractive buy-in opportunity for investors.
- A successful rebound from the current support zone could potentially trigger a 13% gain for ENA, pushing it up to $0.34.
- If ENA breaks out of its channel, the coin could soar to $0.44 or even $0.48, offering a profit of up to 40% for investors.
- Recent data shows a resurgence in network activity and a decrease in ENA's supply on exchanges, suggesting an accumulation of ENA over the past 72 hours.
- Despite the positive outlook, ENA still hasn't fully recovered from the slump, and a robust rebound could be confirmed if ENA's spot market demand picks up.
- Bitcoin is experiencing a wave of upsurge due to whale-induced and ETF-driven inflows, estimated at $3.02 billion. This surge could potentially push Bitcoin past the $106K price barrier.
