2024

when

April

Ethena

Rise

<p>The post <a href="https://coinpedia.org/price-analysis/here-is-whats-next-for-ethenas-ena-price-50-rise-in-the-next-5-days-possible/" rel="noopener noreferrer nofollow">Here is What’s Next for Ethena’s (ENA) Price: 50% Rise in the Next 5 Days Possible!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>While major tokens like Bitcoin, Ethereum, Solana, XRP, and many more have been maintaining a sluggish trend, one of the newly launched tokens has been maintaining an elevated trend since its inception. Ethena, Ethereum’s synthetic dollar protocol, has comfortably accumulated a market cap of over $2 billion and with the next price action, it could secure its position within the top 50 very soon.</p>
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<p>The short-term trade is extremely bullish for the ENA, as the price is trading within a steep ascending trend. The token is forming constant higher highs and lows and is expected to undergo a minor pullback, which may form another higher low before forming the next ATH around $1.66. The RSI remains within the bullish range, with the OBV maintaining an ascending trend. Hence, it suggests enough scope to thrive with the availability of liquidity on the platforms.&nbsp;</p>
<p>Besides, a couple of factors have also been contributing to the ENA price rise, rising whale activity and staking rewards being among them. Whale activity has always been a major contributor to the price rise, as market participants become more bullish when whales intensify their activity over a platform. As per a popular analytical platform, Lookonchain, a whale has been constantly withdrawing huge ENA tokens and staking them to earn rewards.&nbsp;</p>
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   <p lang="en" dir="ltr">Since the launch of <a href="https://twitter.com/hashtag/Ethena?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethena</a> Season 2 staking rewards, 10 wallets have withdrawn more than 1M <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> from exchanges and staked it, totaling 37.5M <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a>($51M).<br><br>Another wallet"0x523b" spent 436 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($1.6M) to buy 1.16M <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> at $1.39 and staked it.<a href="https://t.co/hBM0Czfk2r" rel="noopener noreferrer nofollow">https://t.co/hBM0Czfk2r</a> <a href="https://t.co/dybjkxOST1" rel="noopener noreferrer nofollow">pic.twitter.com/dybjkxOST1</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1778031942950408645?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 10, 2024</a>
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<p>One particular transaction caught the attention of withdrawing over 6 million ENA worth around $8.58 million and staked them immediately. Besides, the ENA staking has been one of the most popular activities among the whales for quite a while now. Therefore, the bullish continuation seems to be evident for the Ethena price which may maintian a rising wave pattern to reach the initial milestone at $2, anytime before the end of the month.</p>

Here is What’s Next for Ethena’s (ENA) Price: 50% Rise in the Next 5 Days Possible!

CoinPedia News

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