While the broader crypto market is retreating, Esena (ENA) has been pushing back against the trend, rallying nearly 20% in the last 24 hours, attracting the attention of all traders.
What really stands out is the convergence of key signals, such as rising whale activity, stable exchange outflows and bullish chart setups. All signs suggest that something bigger may be brewed. Will ENA be ready for a breakout rally?
The whale is gobbling Ecena
The most important trend right now is that whales are buying and not selling. According to Nansen’s dashboard, Enawharu Holdings has increased by 8.15% over the past seven days. At current prices, it is close to $1.87 million.
It’s a rapid increase and it’s happening while most markets are flat or down. This type of whale behaviour usually shows confidence. Large players are positioned for greater movement.
At the same time, the exchange balance is degraded. Over the past week, 1.07 billion ENA tokens have left exchanges.
In other words, ENA is moving to a private wallet rather than a trading platform. When this happens, it is often a sign that the holder is planning to sit tight. A low supply of exchanges reduces the chances of sudden sales.
In short, the big wallet is scooping up the ena and the tokens are quietly disappearing from the exchange. It’s a strong bullish setup.
The obvious fork suggests a vigorous building beneath it
The charts show something even more interesting. The ENA price has been lowered from its highs, but at the time of writing it has a higher volume of balance (OBV). This is called bullish divergence. This occurs when the volume flow suggests that the buyer is stronger than the price action show.
At the time of writing, the ENA is still in a converging wedge pattern, trading at nearly $0.57. The trend for OBVs is increasing. This suggests that purchasing pressure is built underneath the surface. Buyers are quietly intervening even when prices are integrated.
This type of divergence often appears before a breakout. Coupled with whale activity, it indicates that accumulation may already be ongoing.
On-Balance Volume (OBV) helps you track whether a volume flows into the token and find hidden trends.
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Wedge breakouts can fire your next leg at the price of Enera, but $0.60 is important
Technically, ENA has been trading in the wedge since late June. However, to add another layer of validation, the chart uses the trend-based Fibonacci extension tool. This tool or indicator is used to chart price targets during uptrends.
The first point of the Fibonacci expansion plot starts at nearly $0.22 and expands to recent swings. Yesterday, the ENA was raised to $0.42, but today it bounces violently and hovers just below the breakout zone.
The big thing to watch now is $0.60. This is the 0.5 Fibonacci expansion level from recent trends. A clean breakout on the wedge is $0.58, followed by the $0.60 mark, allowing the rally to unleash $0.65, $0.71 or more rallies. I’m using current whale and volume backing.
However, here is the catch. If ENA fails to escape and falls below $0.51, the bullish case weakens. This can invalidate the wedge breakout paper and trigger a pullback.
Disclaimer
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