The cup and handle pattern appears on the ENA chart, combined with increasing on-chain demand and high social interest, which could create momentum for ENA to break through the resistance area of 0.79–0.86 USD in the short term.
A large amount of ENA Tokens withdrawn from exchanges in the past 96 hours indicates that investors are accumulating for the long term, creating opportunities for significant price volatility.
MAIN CONTENT
The cup and handle pattern along with on-chain signals strengthens ENA's ability to break the resistance of 0.79–0.86 USD.
Over 140 million ENA Tokens have been withdrawn from exchanges, reflecting a trend of accumulation and decreasing short-term liquidity.
Address activity and the growth of social interest could lay the foundation for a new price increase cycle if they continue to be sustained.
What is the cup and handle pattern on ENA?
The cup and handle pattern appearing on the daily ENA chart typically signals a bullish trend. This technical pattern indicates the potential for a continuation of the upward trend if the price breaks through the key resistance level.
Recently, ENA tested the level of 0.617 USD corresponding to Fibonacci 0.236 and then bounced back around the 0.68–0.73 USD range. If the price breaks above 0.79 USD (Fibonacci 0.618), the upward momentum could be confirmed, paving the way to 0.86 or even 0.96 USD. Failing to maintain above 0.62 USD could nullify the pattern and push the price to retest the support area of 0.58 USD.
Investors should closely monitor price reactions around these key Fibonacci clusters, as this is the area that most clearly defines the next direction.
Will the cup and handle pattern help ENA surpass Fibonacci resistance?
For ENA to truly break out, it needs to surpass the 0.79 USD level coinciding with the Fibonacci 0.618. This is a key threshold that, if crossed, will further reinforce the upward trend.
"Fibonacci levels always play a strong signaling role for price behavior, especially with continuation patterns like the cup and handle."
– TradingView Analysis Team, Technical Analysis Report 2024
Conversely, if ENA does not hold above 0.62 USD, the pattern may be invalidated, and investors need to closely monitor the breakout/false breakout effect to actively manage risk before entering large positions.
What does the withdrawal of Tokens from exchanges indicate?
In the past 96 hours, over 140 million ENA have been withdrawn from exchanges, indicating a growing trend towards long-term accumulation.
The outflow of Tokens from exchanges reduces immediate trading liquidity, making the market more volatile when retail supply decreases sharply. Historical observations show that when significant capital outflows occur, the confidence of large investor groups can predict favorable price movements.
However, ENA's position still trades below significant resistance levels, so market sentiment remains cautious. Whether this accumulation effect is enough to trigger a new price rally is still a big question for the entire investment community.
Is the socialization of ENA a motive or a speculative risk?
Social Dominance (the ratio of discussions about ENA) has returned to the threshold of 0.22%, meaning that the community and media are showing stronger interest in ENA at this time.
Social metrics often reflect short-term speculative activity, which can ignite rapid price increases with lively demand. However, an explosion of interest beyond reality can create strong corrective waves later due to unrealistic expectations.
"Social hype is a double-edged sword with cryptocurrencies: it can support prices while also creating volatility risks due to crowd behavior."
– Santiment, Blockchain Social Metrics Report 2024
The appearance of social buzz coinciding with ENA's technical recovery suggests that traders are closely monitoring, and the potential for new money flow will depend on whether this hype translates into actual buying pressure.
Rising daily active addresses: A sustainable signal or just noise?
On-chain data shows that the number of active ENA addresses continues to increase while the price hovers around 0.65 USD.
This pattern often indicates underlying demand, suggesting that more real users are interacting with the network rather than just trading price waves. If this trend continues, the demand could convert into stable buying momentum if favorable fundamental factors align with technical aspects.
However, if the address metrics cease to grow or reverse, the current price stability may weaken, increasing the risk of a downward trend in the near future. Therefore, the gap between address activity and price is a signal to closely monitor the upcoming sessions.
What conditions are necessary for ENA to establish a sustainable breakout?
The combination of factors: accumulation pressure from whales, the upward trend chart structure, and consensus on-chain indicators all support the prospect of ENA breaking out of the accumulation range.
The decisive battle for the breakout capability will take place around the resistance area of 0.73–0.79 USD. If ENA conquers and maintains above this area, the potential to climb to 0.86 USD or further will be opened. In a worst-case scenario, if it fails, it could lead to a deeper correction towards lower support levels.
Frequently Asked Questions
What is ENA?
ENA is the Token of the Ethena project, a cryptocurrency used in DeFi products, increasingly attracting the international investment community.
What highlights the cup and handle pattern on ENA?
This pattern, combined with key Fibonacci levels, predicts that the upward price trend could explode if it surpasses 0.79 USD, but it also carries the risk of a correction to the 0.58 USD area if it fails.
What does it mean for over 140 million ENA to be withdrawn from exchanges?
A large amount of Tokens withdrawn from exchanges often indicates long-term accumulation by investors, reducing selling pressure and potentially causing significant price volatility when there is a lack of short-term liquidity.
How do socialization and active addresses affect ENA's price?
High social metrics along with the growth of active addresses signal market attention, but they need to convert into real buying pressure to help sustain a price increase.
When might ENA experience a strong breakout?
The prospect of a strong breakout will be clearer if ENA successfully conquers the resistance area of 0.79–0.86 USD, confirming the upward trend on the technical chart and on-chain metrics.
Source: https://tintucbitcoin.com/du-bao-gia-ena-khi-key-bien-dong/
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