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$ENA Dips Hardโฆ But Something Big Might Be
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@CryptoHatch Yo fam, ENA just took a hit. The priceโs chilling near $0.39, barely up 1% today but thatโs after sliding from $0.53 highs. Yeah, itโs been rough out here. Volumeโs cooling, charts look tired, and those EMAs? All leaning bearish. RSIโs sitting around 37, whispering โoversold.โ
Could this be the calm before the bounce? ๐ค
๐ The Market Looks Bored, But the Chartโs Telling a Storyโฆ
MACDโs still negative, histogram in the red, and everyoneโs pretending to nap. The whole vibe screams โconsolidation mode.โ But hereโs the twist when charts look this dull, thatโs usually when the big players start moving quietly. Ever seen a whale buy while retail yawns? Exactly. ๐ณ๐ค
๐ผ Behind the Scenes: The Founderโs $25M Flex
Now, hereโs where it gets juicy. Ethenaโs founder reportedly bought $25M worth of ENA, flexing serious conviction. Thatโs not a small bag thatโs โI know something you donโtโ energy. Meanwhile, Ethenaโs TVL is still sitting in the billions, and the teamโs rolling out new tech to link with other chains.
Partnerships with Binance and Coinbase arenโt hurting either. Bulls are whispering about a comeback to $0.80+ by year-end.
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But the Bears Arenโt Dead Yet
Thereโs still a few ghosts in the closet. Some traders warn that if funding rates flip negative, ENAโs reserves could take a hit. Plus, we all remember that Terra-style rumor that spooked everyone (and yeah, it got debunked, but scars remain).
If the broader market dumps again, $0.38 might break and weโre staring at $0.30 next. Yikes.
๐ Soโฆ Is the Bounce Loading or Just Cope?
The setupโs spicy: oversold RSI, whales stacking, strong fundamentals. But short term? Itโs a tug-of-war between conviction and caution. If ENA reclaims $0.42, we might just see fireworks again.
What do you think about this bounce incoming or another trap? ๐
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