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Ethena Prepared for $2.44 Target, But This is Keeping ENA Back
As the cryptocurrency market continues to evolve and present new investment opportunities, Ethena (ENA) has been gaining significant traction among traders and investors alike. According to recent reports, the asset was poised to reach its target of $2.44 but a crucial factor has emerged that could potentially derail this trajectory.
For those unaware, ENA’s recent market activity has been characterized by an impressive 26.05% gain over the past week and 18.64% in the month. These numbers are nothing short of remarkable, especially considering that most assets have struggled to maintain any semblance of upward momentum.
In a shocking turn of events, it appears that large investors have yet to fully step into the market, leaving ample room for growth and potential. ENA’s chart shows a classic bullish pattern, with the asset trading within a daily cup and handle formation. This development has led many experts to speculate on the possibility of an even more significant rally than initially expected.
In fact, the data suggests that whales are inclined to accumulate the asset, as the disparity between bearish and bullish whale addresses stands at 26, with these large holders showing no signs of waning in their enthusiasm. This is a crucial point because it has been consistently observed that large investors tend to influence market trends. In light of this information, we can expect an uptrend should they decide to participate.
In addition, the asset’s Total Value Locked (TVL) data has shown steady growth over the past few weeks and months, with its current figure standing at $5.921 billion as of the 17th of December 2024. This movement bears striking resemblance to ENA’s TVL behavior between April 13th and May 15th of last year, which preceded an impressive price surge.
As a result, this dynamic pattern may be indicative of a future upward trend for ENA.
Source: ambcrypto.com
