Despite the offloading of 148 million ENA tokens onto exchanges, some investors and long-term holders have been accumulating the tokens, according to on-chain analytics firm Coinglass.
Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $19 million worth of ENA tokens in the past 48 hours. Such outflows from exchanges indicate potential accumulation amid price drops and could create buying pressure and upside momentum.
Traders Bullish Bet
Besides the mixed sentiments among whales and long-term investors, intraday traders are also supporting this bullish activity. In the past 24 hours, traders have been over-leveraged at $0.362 on the lower side and $0.386 on the upper side.
Data further revealed that $0.362 is a key level where traders have built $5.50 million worth of long positions, while $0.386 is a level where traders have built $2.17 million worth of short positions. These positions at over-leveraged levels indicate that bulls are dominating and could support ENA in an upcoming rally, helping it recover its price.
ENA Technical Analysis and Upcoming Levels
According to expert technical analysis, ENA has successfully retested its crucial support level of $0.345 and now appears to be rallying upward.
Based on historical price patterns, if the asset holds this level and closes a daily candle above $0.345, there is a strong possibility it could soar by 25% to reach the $0.50 level in the coming days.$ENA