CandleFocus

Market Volatility Hits ENA: Whale Accumulates Despite 9% Drop

Author: Content Editor
The ENA token of Ethena, a synthetic dollar protocol on Ethereum, dropped 9.20% in the past 24 hours as the overall crypto market declined. However, a whale has reportedly accumulated a large amount of ENA, buying 5.29 million tokens at an average price of $1.12. The whale's wallet is currently at a loss, with the tokens valued at $5.655 million based on the current price of $1.07. Despite the recent price drop, the whale appears bullish on the short-term price action of ENA. The cryptocurrency has shown positive performance over the past week and month. The RSI indicates that bulls control the price action, but a retest of $1 is likely. The MACD indicator suggests a bearish outlook in the short term. Investors are advised to proceed with caution.

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