Arthur Hayes’ recent purchase significantly raised his stake in Ethena (ENA), leading to speculation about potential price increases.
Hayes' Purchase: A Vote of Confidence in ENA
Arthur Hayes acquired 578,956 ENA tokens on Binance for approximately $467,700, increasing his total holdings to 5.02 million tokens valued at about $3.91 million. Despite recent market struggles for ENA, Hayes' continued investment indicates positive sentiment toward the token's future.
> Hayes stated: "I see current market conditions as an opportunity to buy, not sell." CITE_W_A
Technical Indicators and Their Impact on ENA Price
Technical indicators present mixed signals for ENA's near-term direction. On the 3-hour chart, ENA is trading in a rising wedge that may indicate bearish momentum. If the token fails to hold support between $0.76-$0.77, it could further decline to $0.72 or even $0.68.
The Bollinger Bands show resistance at $0.83-$0.84. If ENA breaks this level, upward momentum could push the price to $0.90-$1. The RSI is at 48.9, signaling a neutral market condition.
Potential Catalyst for ENA Growth
A recent listing of Ethena’s synthetic dollar, USDe, on Binance could significantly boost ENA's prospects. Launched on September 9, the successful introduction of the new token and planned buybacks could place upward pressure on ENA's price. Hayes mentioned that the new mechanism could result in up to $500 million in buybacks.
Arthur Hayes' ongoing investments in ENA, combined with new platform functionalities, create expectations for significant price rallies. Investor attention is focused on ENA’s ability to overcome current market challenges.
