Ethena holders are celebrating as profits continue to roll in. Yesterday, the ratio of daily transaction volumes in profit soared to 1.41, marking a peak not seen since the beginning of the month. This indicates that profitable transactions now outnumber losing ones, suggesting many investors are comfortably above their cost basis.
This trend is significant because it implies that holders are less likely to rush to close their positions. Instead, they might choose to ride the wave of profits longer, a strategy that appears to be gaining traction among ENA holders.
Whales and Retail Traders Align
Recent analyses by AMBCrypto highlight the movements of Ethena whales. Data on Future Average Order Size reveals an uptick in whale orders coinciding with the current trading price. Retail traders are also joining the fray, with increased buying activity mirroring the overall market uptrend.
This dual participation from both whales and retail investors creates a balanced distribution of market orders. With both groups sharing a similar market outlook, the potential for a significant price spike for ENA looks promising.
On the technical side, ENA’s price has demonstrated resilience, bouncing off an ascending trend line at $0.0770. The bullish momentum follows the announcement of the Ethena and Coinbase collaboration in June. Over the past 24 hours, ENA has surged past the critical 20-day Simple Moving Average, signaling a strong upward trajectory.
Volatility is on the rise as the Bollinger Bands divergence widens, indicating potential price fluctuations ahead. If buying pressure continues, the next key resistance level to watch will be $0.0985.
As of now, the market leans heavily towards buyers. Profitable transactions dominate daily activities, and both whales and retail traders are actively engaged. This prevailing trend, ignited by a significant venture investment announcement, is a bullish sign for ENA holders.
This material is informational and does not constitute financial advice.
