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Arthur Hayes has been moving the hill of his Ethena crypto holdings. Since yesterday, Hayes has pulled in a total of 10.36 million ENA tokens worth about $7.49 million from Binance. 
He has already purchased 16.79M <a href="https://www.thecoinrepublic.com/2024/10/20/ena-price-shows-bullish-pattern-at-bottom-can-it-reclaim-1-mark/">ENA</a> at an average purchase price of $0.666 per token. Those transactions reveal Hayes was good at timing his market. As he locked down an unrealized profit of $1.14 million. This represents a 10.2% increase. 
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 <img loading="lazy" decoding="async" width="881" height="1024" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-881x1024.png" alt="" class="wp-image-857111" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-881x1024.png 881w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-258x300.png 258w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-768x892.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-150x174.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-300x349.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-696x809.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843-1068x1241.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-843.png 1087w" sizes="auto, (max-width: 881px) 100vw, 881px">
 </figure>
</div> 
<h2 class="wp-block-heading" id="h-ethena-crypto-market-performance">Ethena Crypto Market Performance</h2> 
The cryptocurrency has particularly been strong in Ethena crypto market performance, as it appears as one of the daily top gainers. 
The price of the token has increased by 10.27% in a single day. Driving its market capitalization up by 10.28% to cross the 2 billion dollar capture. 
The price increase comes on top of a massive upswing in trading volume. It has increased by 44.23% over the same period. 
This spike in volume and market cap shows this is a market gaining interest from both retail and institutional investors which generally indicates robust sentiment and a path higher. 
Moreover, on-chain data supports an understanding of what the current market dynamics around <a href="https://www.thecoinrepublic.com/2024/09/29/ethena-ena-price-momentum-rises-following-ustb-stablecoin-launch/">Ethena</a> look like. Ethena crypto has a total supply of 15 billion, which is locked up and is around 2.84 billion circulating. 
Both the current volume to market cap ratio and the level of ENA as a contract. It is actively traded with sizable trading volumes. This indicates that ENA is not just a brand new coin, but is currently also ascending in the crypto market. 
Further evidencing this is the Total Value Locked (TVL) in the project. It is currently standing at $4.09 billion, making this token more stable and with greater growth potential. 
An in-depth analysis of <a href="https://www.thecoinrepublic.com/2024/05/21/ethena-technicals-are-bullish-does-it-signify-it-could-rally/">Ethena’s chart</a> shows that it bears a general pattern. That is commonly reported as being a ‘Rising Wedge’ which happens to be a bearish pattern in technical analysis. The pattern exhibits higher highs and higher lows, and the lines converge. 
<h2 class="wp-block-heading" id="h-will-ena-correct-any-time-soon">Will ENA Correct any Time Soon?</h2> 
According to the uptrend, the impact of the price phenomenon is decreasing. And a breakout downward can occur if the price breaks through the lower support trendline. 
Inside the wedge, a candlestick pattern appears showing a high volatility with many green (bullish) and red (bearish) candles. Rejection occurred at higher prices (long upper shadow) within the most recent candles coming in at the upper boundary of the wedge, potentially setting up selling pressure. 
Looking at the rising wedge we can use the current support level along the lower trendline to identify the point where the last candle closed and it seems to be around $0.7054. This means that it’s at the current support level. The upper resistance matches the upper trend line of the wedge. 
However, we also notice the Relative Strength Index (RSI) plotted under the price chart and currently at 61.31, which is above the overbought region but below 70, the range which is considered overbought. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="510" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-1024x510.png" alt="" class="wp-image-857116" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-1024x510.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-300x149.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-768x383.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-1536x765.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-150x75.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-696x347.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844-1068x532.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-844.png 1600w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 4-hour ENA/USDT Chart | Source: TradingView
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="h-future-outlook">Future Outlook</h2> 
This is a good sign that there is still a little bit of upward acceleration left but close to overbought territory. A break below the lower trendline of the wedge on increasing volume is a signal for a possible reversal of the current uptrend, and the beginning of a new downtrend. 
If the price gapped up, then had this bounce off the lower trendline and break above the upper trendline with heavy volume, it invalidates the bearish pattern and can then extend the uptrend. 
The post <a href="https://www.thecoinrepublic.com/2024/11/29/arthur-hayes-cashes-out-ethena-crypto-as-price-skyrockets-20/">Arthur Hayes Cashes Out Ethena Crypto As Price Skyrockets 20%</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Arthur Hayes Cashes Out Ethena Crypto As Price Skyrockets 20%

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