Top Altcoin Gainer ENA Defies Market Trend: All the Details
ENA, the native token of decentralized finance (Decentralized Finance) Protocol Ethena has become the top altcoin in the past 24 hours with a price increase of 8.50%.
This milestone is particularly noteworthy as it occurs during a broader cryptocurrency market downturn, during which many altcoins suffered double-digit losses. Here’s why ENA outperforms its peers and where the coin is headed next.
Why Ethena is the best performing altcoin
Several factors contribute to ENA being the biggest altcoin gainer today. The most important one is Donald Trump’s World Free Finance (WLFI) partnership with Ethena Labs.
also Work with ItinaWLFI recently invested in altcoins. On December 15, the project used $500,000 USDC to purchase 509,955 ENA. At ENA’s current value, the investment has soared to $584.44 million.
Interestingly, WLFI is not the only major entity accumulating ENA. According to Lookonchain, a well-known Crypto whale purchased Transferred 8 million tokens worth $9.2 million from Binance and transferred them to a non-exchange wallet.
If the whale accumulation continues, it could cause ENA price faces upward pressurecould push the coin to highs of $1.15.
BeInCrypto conducted an analysis using the In/Out of Money Around Price (IOMAP) indicator to assess ENA’s potential as a top altcoin winner. IOMAP divides addresses into three categories: addresses that are profitable at current prices, addresses that are holding unrealized losses, and addresses that are at the break-even point.
The greater the amount of addresses within the accumulation range, the stronger the support. On the other hand, a high number of addresses within the resistor range indicates a potential obstacle.
Data shows that about 2,150 Esina address 93.46 million coins were accumulated at an average price of $1.13, providing stronger support for this price range. In contrast, address volume between $1.15 and $1.32 is lower, indicating potential resistance. Taking these factors into consideration, the price of ENA may break above these levels in the near term.
ENA Price Forecast: Strong upside potential
On the daily chart, The price of Ethena continues at Ascending channel. An ascending channel is a pattern created by drawing two ascending trend lines: one above price action representing resistance, and one below price action representing support.
Price often moves between these two parallel lines show A bullish trend with higher highs and higher lows. If ENA fails to break below the lower support trendline, the price may rise above $1.36.
If this happens, the altcoin could reach $2 in the short term. However, a break below the support line could invalidate this prediction. In this case, ENA’s status as a top altcoin winner may fail and the price may drop to $0.72.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
