#BNBBreaksATH #BTCBreaksATH #GoldHitsRecordHigh #MarketUptober
$ENA’s price experienced a slight decline over the last 24 hours but shows signs of a technical rebound, influenced by mixed whale activity and broader macroeconomic concerns. Diving deeper,
1 .
Technical Rebound & Momentum: ENA exhibited strong bullish reversal signals from oversold RSI and Bollinger Bands, with recent positive MACD histogram values pointing to a potential shift in momentum.
2 .
Strategic Growth & Whale Interest: A significant $30 million additional investment from MEXC Ventures and reported whale accumulation, coupled with high short liquidation potential, highlight growing confidence and potential upward pressure.
3 .
Selling Pressure & Macroeconomic Risks: An early investor’s deposit of 5.6 million ENA to a CEX suggests potential selling, while broader concerns about the US dollar’s decline introduce macroeconomic uncertainty.
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The information in this Binance AI Report could be inaccurate. Please DYOR. Not financial advice.
Positives
1.
Technical Reversal: ENA showed a strong rebound from oversold conditions, with its 6-period RSI dropping to 16.35 before surging to 75.25 within hours, and the price bouncing from the lower Bollinger Band.
1 chart
2.
Strategic Investment & Ecosystem Expansion: MEXC Ventures committed an additional $30 million to ENA, bringing their total investment to $66 million. Ethena is also expanding its ecosystem by launching USDe and SUIUSDE on Sui.
2 posts
3.
Whale Accumulation & Short Squeeze Potential: Whales reportedly purchased 2.80 million ENA in the past week, indicating sustained institutional interest. Furthermore, ENA exhibits a high short liquidation ratio exceeding 64%, suggesting potential for a short squeeze.
3 posts
Risks
1.
Whale Selling Pressure: An early ENA investor deposited 5.6 million ENA, valued at approximately $3.33 million, to a CEX around 7 hours ago. This significant transfer could lead to increased selling pressure in the market.
3 posts
2.
Declining Long-Term Trend: The 99-period Exponential Moving Average (EMA) continues to show a downward trajectory in the recent 24 hours, suggesting a persistent bearish sentiment in ENA’s longer-term price trend.
1 chart
3.
Macroeconomic Headwinds: Concerns are emerging over the US dollar’s substantial decline of over 10% this year, raising fears of a major economic collapse that could negatively impact global financial markets and crypto assets.
1 post
Community Sentiment
1.
Bullish Dominance: Many community members are actively discussing buying the recent dip, with some expressing intentions to accumulate ENA for long-term gains and setting price targets between $0.70 and $1.00.
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