- Ena could collect by 40% if the marches of $ 0.48 recover
- However, the spot market demand seemed to be weak despite a recent accumulation spree
After a pullback of 20%, Ethena [ENA] Has shown an interesting $ 0.30 level for bulls looking for new buying options.
In April, the Altcoin formed an increasing channel and traders used the reach of the channel and highlights for profit. This raises the question – are there more potential options for traders?
Assessing the potential profit of ENA
Source: ENA/USDT, TradingView
On the 12-hour price diagram, the pullback hit a confluence support zone of a range and a bullish order block (OB, Cyan) of $ 0.28- $ 0.30. This meant that the area could try to hold the landfill and possibly activate a rebound.
If this is the case, it can offer great buying options for swing traders who view the middle range to $ 0.34 or the range high at $ 0.38.
If the levels are affected, the levels would translate to 13% and 27% profit respectively. However, an extensive rally and breakout from the channel can push ENA further to $ 0.44 or $ 0.48. If the price reaches these levels, it would mean 40% potential profit.
On the contrary, the bullish thesis will become invalid if ENA will fall under the support of $ 0.28- $ 0.30.
Ena Accumulation Spikes
Source: Santiment
Santiment data showed that network activity (active addresses) came back in the past three days. This coincided with the price fall from ENA. Moreover, there has been a sharp decrease in Ena’s stock on fairs (red line) as an address activity enriched.
All in all, this revealed that a substantial accumulation of ENA took place in the past three days when the Altcoin collapsed. A price reputation can probably be if the statistics remain positive.
Source: Coinalyze
It is worth mentioning that ENA is not yet out of the forest. The rally that was seen from 27 April was matched by the strong demand for the place market, as illustrated by the Uptick in CVD (Cumulative Volume Delta) Spot -Indicator.
Unfortunately, the question quickly staggered, according to the light dip in CVD spot. A strong rebound of the $ 0.30-area can be confirmed if the demand for the Spotmarkt of ENA is increasing.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer