CandleFocus Will Ethena Price Hit $1.5? Whale Activity and Futures Boom Signal Potential
2024-12-19
Author: Content Editor
On December 19th, the crypto market experienced a sell-off as Bitcoin dropped below $100k. This led to a bearish trend in most major altcoins, but the Ethena (ENA) price is showing potential for a quick recovery. Whales are actively accumulating ENA, possibly influenced by Trump's World Liberty Financial's association with the token. There has been increased whale activity and interest in the token, with a whale withdrawing 8 million ENA from Binance. The ENA futures open interest has also seen a significant increase, indicating increased speculative activity and market participation. Despite a recent correction, the broader trend for ENA remains bullish, with the altcoin trading above key daily EMAs. The ENA price is following a U-shaped recovery structure, suggesting the formation of a rounding bottom pattern, which could lead to a significant surge in price. Buyers could find support at $0.88 or $0.76, and if the pattern plays out, ENA could experience a 58% surge before breaking out from the pattern's neckline.
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