Ethena [ENA] is currently attracting a lot of attention in the cryptocurrency market, especially amidst the ongoing market uncertainty. Recent data from the blockchain-based transaction tracker Lookonchain revealed that a significant amount of ENA tokens were withdrawn from Binance by a newly created wallet. This withdrawal, totaling 14.51 million ENA tokens worth $5.95 million, suggests a potential accumulation strategy by crypto whales and serves as a prime example of the “Buy the Dip” approach.
Additionally, Coinglass reported that investors and long-term holders have been actively accumulating ENA tokens, with exchanges witnessing an outflow of $2.10 million worth of tokens in the past 24 hours. This trend, combined with the surge in large transaction volumes and daily active addresses, indicates a renewed interest from whales and institutions in the ENA token.
In terms of key levels, ENA is currently trading near $0.41, with major liquidation areas identified at $0.394 on the lower side and $0.418 on the upper side. Intraday traders have been over-leveraged at these levels, with potential liquidations of long and short positions if the price moves in either direction.
Looking ahead, if ENA manages to hold above the $0.36 level in the coming days, there is a strong possibility that it could rally by 65% to reach $0.65 in the future. This price action, coupled with the ongoing accumulation by whales and institutions, suggests a positive outlook for the ENA token in the near term.
Overall, the data points to a bullish sentiment surrounding ENA, with potential for further price appreciation and market recovery in the days ahead. It will be interesting to see how the market dynamics unfold and whether ENA can maintain its current momentum. The Benefits of Regular Exercise
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