Ethena (ENA) Price Targets $0.80 as Arthur Hayes Buys 1.22 Million Tokens

Key Takeaways

• Arthur Hayes acquired 1.22M tokens worth about $257,500, signaling confidence from a prominent crypto figure.
• ENA shows early recovery signs as RSI and MACD turn mildly bullish, hinting at upside potential.
• ENA holds strong support near $0.18, an accumulation zone with upside potential toward $0.80.

Former CEO of BitMEX and veteran in the field of cryptocurrencies, Arthur Hayes (@CryptoHayes), has bought 1.22 million tokens, which cost around $257,500 based on today’s market value. Well-known for his bold steps in the market, his action exemplifies how investors, both retail and institutional, have started to take notice of ENA.

Source: Lookonchain

Specialists believe that large investment initiatives, such as the one made by Hayes, have the potential to shape market perception, thus helping to raise awareness or promote trading activity. At a time when the crypto market remains volatile, this investment decision seems to show confidence in the future prospects offered by ENA.

Also Read: ENA Targets a Break Above $0.25 After Ethena Labs’ $3.75 Million Bybit Deposit

ENA Short-Term Rebound Suggest a Potential Recovery

From a technical standpoint, the price action of the token has been going downward, ranging between a value of $0.28 and approximately $0.19. It has, however, stabilized and recovered, ranging between values of $0.212. The Bollinger Bands are contracting, indicating that the volatility is low, foreshadowing the eventual breakout that is expected. The market is above the 20-period SMA.

Source: TradingVIew

The MACD line is marginally above the signal line, with a small positive histogram. The RSI is at 51.44, with a slight positive bias as it is above the midpoint level of the RSI index. The indicators show a cautious recovery trend with upside potential, pending the acceleration of the momentum. Waiting for a breakthrough on either side of the trend might be the strategy to pursue here.

ENA Holds Key Support With Long-Term Potential to $0.80

Moreover, the crypto analyst, Crypto Pulse, revealed that at the present time, the token is sitting at a highly significant accumulation level in the longer term, right on the level of weekly support at approximately $0.18. This level has always proven to be a hot spot for heavy buying, which has managed to reduce the effect of the selling pressure on the market in the past.

Source: Crypto Pulse

As long as ENA holds weekly closes above $0.18, there is no issue with the bullish setup, and risks of a sharp decline are kept in check. As long as this level is held, there is a chance that a new uptrend may begin, with a possible way back to previous levels of resistance at $0.45 and $0.80.

Also Read: Ethena Price Rally: ENA Poised for $1.52 High?