Ethena (ENA) Eyes an Intraday Rise of Over 13%

• $ENA value has doubled since its debut, surging 13.54% in 24 hours.
• Large $ENA transfer to Binance hints at bullish momentum.
• Technical indicators suggest $ENA may face short-term pullback.

In a financial development, the digital currency $ENA witnessed an unprecedented surge, doubling its value since its market debut. This growth story unfolded as Lookonchain, a renowned analytics platform, reported a notable transaction involving the $ENA currency.

According to Lookonchain, just six hours ago, a wallet transferred 62.5 million $ENA, valued at approximately $83.75 million, to the global cryptocurrency exchange Binance. The origins of this substantial amount of $ENA trace back to the Gnosis Safe Proxy wallet associated with the Ethena team, from where the wallet received the funds four days prior.

ENA Token Surges 13.54% in a Day, Hits $1.404 Peak

Following the news, the price of the Ethena (ENA) token has experienced a notable rise, marking a 13.54% increase over the past 24 hours. Data sourced from CoinStats highlights that within today’s trading session, ENA’s price fluctuated between $1.404, its peak, and $1.089, its lowest point, establishing these figures as the day’s support and resistance levels, respectively.

ENA/USD 24-Hour Chart (Source: CoinStats )

If the bullish momentum behind ENA continues, the target for the bulls is set at $1.404. Should this level be surpassed, ENA’s price could climb higher, setting new intraday highs. Conversely, if this price level proves to be a strong resistance point and prevents an upward breakout, ENA’s price might follow a downward trajectory, potentially revisiting its intraday low.

ENA/USD Technical Analysis

The ENA/USD pair presents a bullish trend on the 1-hour chart, though it is currently facing a corrective phase. The resistance level at $1.404 has emerged as a key hurdle for the token’s upward momentum. Consequently, market analysts view this adjustment as a potential retreat to the $1.22 support level, which is presently the immediate support. Should the price breach the 50% Fibonacci retracement level during this correction, it might indicate a trend reversal, potentially challenging the day’s lowest price.

On the other hand, the $1.22 support level has previously demonstrated resilience and may act as a recovery point if buyers intervene to maintain this price. Stability at this level would suggest that the bullish trend remains active, potentially setting the stage for a retest of the $1.404 resistance to overcome it.

ENA/USD 1-Hour Chart (Source: TradingView )

Technical indicators provide further insights into the token’s market dynamics. The Moving Average Convergence Divergence (MACD) indicator, with the MACD line at 0.035, is currently indicating a downward crossover with the signal line. This pattern is typically interpreted as a bearish signal, implying continued selling pressure that could lead to lower price levels. 

This outlook is supported by the histogram bars positioned in the red zone, which denote a decline in positive momentum. Additionally, the Chaikin Money Flow (CMF) indicator stands at 0.30 in the negative zone, highlighting a strong money outflow from the token. This aligns with the bearish scenario suggested by the MACD, indicating a potential decrease in the token’s price.