Ethena's price edges closer to a 80% surge as critical indicators reach all-time highs
In the ever-evolving world of cryptocurrencies, one coin that has been making waves is Enjin Coin (ENA). Recent developments suggest a strong bullish breakout could be on the horizon, with the initial target set at $0.8595.
The surge in ENA's price can be attributed to a significant increase in demand, driven in part by whale accumulation. Whales, large-scale investors in the crypto market, currently hold over 57 million ENA tokens, an increase of over 32% in the last 30 days.
The technicals for ENA are also strong, with the coin forming a golden cross pattern in July, a bullish sign that often precedes a price increase. Adding to this, ENA has recently formed a bullish flag pattern and has moved above its channel's upper side, indicating a potential continuation of the uptrend.
However, not all coins are immune to whale manipulation. The Pepe Coin, for instance, is nearing a breakout, but despite aggressive whale dumping, its price remains resilient.
ENA has also formed a double bottom pattern at $0.2490, with a neckline at $0.4570. A move above the initial target of $0.8595 will push ENA towards the resistance point at $1.3255, a level last seen in November of last year.
It's worth noting that an institution acquired 1.330 million ENA tokens this year, but the specific institution remains undisclosed in the search results.
As always, it's crucial for investors to do their own research and consider the risks associated with investing in cryptocurrencies. The information provided here is for educational purposes only and should not be taken as financial advice.
Stay tuned for more updates on ENA and other exciting developments in the world of cryptocurrencies.
