$ENA Positive news released intensively, the exchange's inventory has dropped to an 18-month low, and market confidence continues to strengthen.
StablecoinX has launched a $260 million repurchase plan, spending $5 million daily to buy back tokens, with the foundation and market makers repurchasing 83 million tokens to reduce circulating supply. On-chain data shows large ENA transfers to cold wallets.
ENA has rebounded multiple times at the critical level of $0.58, and when it broke through $0.60, the hourly trading volume reached 42 million. The retracement volume shrank to 9 million, indicating a weakening of selling pressure.
The MACD has formed a second golden cross above the zero axis, and the OBV has reached a historical peak, indicating strong accumulation by major players. The upper trendline of the one-hour converging triangle at $0.62 was broken with increased volume, with the theoretical price target pointing to $0.78-$0.82, showing strong bullish momentum.
The basis for going long is clear, with news-driven repurchases and concentrated supply providing support, and technical indicators showing overall improvement. Short-term strategies may focus on the effectiveness of breaking through $0.62; if successfully broken, it can be followed up appropriately; if it stabilizes on a pullback, it can also be bought on dips. If it breaks through the resistance of $0.70 in the future, it is expected to challenge the $1 mark.
Entry position: 0.57
Stop loss position: 0.5562
Targets: 0.5911, 0.600, 0.6053, 0.6140
Li Ge's focused thought is to seek stability. If you don't want to be a victim, just follow Li Ge's steps. Professional guidance and a top-notch team behind monitoring the market in real-time only serve those with ambition!