As a researcher with extensive experience in the cryptocurrency market, I’ve closely observed the recent price action of Athena coin (ENA). The past four days have seen Bitcoin’s price fall, dragging down major altcoins, including ENA. However, the daily candle’s short bodies and long wicks suggest no clear dominance in this altcoin.
As a market analyst, I’ve observed that Bitcoin‘s decline over the past four days has hindered the crypto market’s initial gains from the previous week. The majority of significant altcoins, including Athena coin, have mostly traded sideways during this time frame. The daily candlestick chart for Athena shows short bodies with long wicks, suggesting no clear directionality in price movement. However, if Ethereum experiences a renewed rally, it could potentially boost the ENA price towards the $1 mark.
Breakout from Falling Wedge Pattern Indicates Potential Growth
For the past seven weeks, the Athena coin has experienced a gradual decline due to a falling wedge formation. The trendlines slanting towards each other functioned as shifting points of support and resistance, ultimately pushing the coin’s price down to a low of $0.65.
The Ethereum coin’s recent surge in the altcoin market was boosted by the approval of a Spot ETH ETF. This newfound demand for Ethereum aided Ena’s price in breaking free from its wedge pattern, suggesting the end of its corrective phase.
Based on recent findings from the on-chain analysis tool Spot On Chain, three new multisignature wallets have withdrawn a combined amount of 43.19 million ENA tokens, equivalent to around $35.68 million, from Gate.io and Bybit exchanges within the last week.
In the last week, three recently active multisignator accounts have collectively withdrawn approximately $43.19 million worth of $ENA (around $35.68 million at current rates) from both Gate.io and Bybit.
With the price surging 28% (7D), these wallets are making $2.05M in unrealized profits.
Are whales bullish on $ENA, a $ETH beta token, thanks to recent Ethereum ETF approval…
— Spot On Chain (@spotonchain) May 24, 2024
As a crypto investor, I’ve recently experienced a substantial withdrawal from my ENA holdings. This action takes place following a robust 28% price climb of ENA over the last week, leading to impressive unrealized profits of $2.05 million in my wallets. The heightened activity and hoarding by prominent investors indicate an escalating belief in ENA’s future potential.
Despite the Bitcoin price experiencing a decline, the Enana Coin (ENA) has remained relatively stable around $0.851 against the currency. According to current trends, the ENA could potentially surge towards $1.18 and then further up to $1.5 in the future.
Technical Indicator
- Exponential Moving Average: The ENA price jump above the 20-day EMA indicates the near-term trend is turning bullish.
Average Directional Index: The ADX slope rising at 12% hints the recovery buyers hold sufficient momentum for a higher rally
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2024-05-24 22:59