As an experienced analyst, I believe that the current correction in Ethena’s price could be extended due to several bearish factors. The recent sell-off by a large staker of ENA tokens, resulting in a loss of over $13M, adds significant supply pressure to the market. This transaction could potentially flip the $0.65 support and resistance level, leading to a potential 30% correction down to the $0.5 psychological level.
As a crypto investor, I’ve noticed that the second week of June brought about a bearish trend for the cryptocurrency market. Bitcoin‘s failure to maintain its price above $71,000 initiated a sell-off, which was intensified by the market uncertainty prior to the U.S. CPI data release. The bearish momentum extended to most major altcoins, including Ethena coin, causing it to drop from $1 to a three-week low of $0.684. With the current bearish trend in play, there’s a possibility that this correction could continue. However, it is essential to remember that cryptocurrency markets can be volatile and unpredictable, so staying informed about market news and trends is crucial before making any investment decisions.
Ethena Price Prediction: Key Support Levels to Trigger a Major Reversal
As a researcher studying the cryptocurrency market, I observed that the Ethena token experienced a correction on April 11th, following its peak at $1.523. The ensuing bearish reversal led to a significant decline of 57.12%, bringing the price down to $0.653 in search of support. The Bitcoin recovery during May provided temporary relief for Ethena, allowing it to regain some ground. However, despite this respite, the altcoin was unable to sustain a value above $1 and consequently underwent another reversal.
Each week, the value of Ethena coins decreases by 27%. Currently, one Ethena coin is priced at $0.72, and its total market capitalization amounts to $1.105 billion. Notably, the largest token holder of Ethena, who had staked their ENA tokens, recently undid their stake and sold a substantial portion at a loss. Using data from on-chain tracker Lookonchain, it is revealed that this holder liquidated all 23.24 million ENA tokens, valued at $17.3 million, and disposed of 19.36 million ENA tokens, worth $14.1 million, incurring a loss.
As an analyst, I’ve identified that the largest staker of $ENA tokens, holding approximately 23.24 million tokens worth around $17.3 million, unstaked and sold off 19.36 million $ENA tokens, equivalent to roughly $14.1 million, within the past 13 hours. This sale resulted in a financial loss for the staker.
He withdrew 23.24M $ENA($30M) from #Binance at $1.29 between Apr 10 and Apr 5.
He currently has 3.88M $ENA($2.74M) left, with a loss of more than $13M!…
— Lookonchain (@lookonchain) June 12, 2024
As a researcher studying transaction data on Binance, I discovered that an account holder withdrew approximately 23.24 million ENA tokens, equivalent to around $30 million at the time, between April 10 and April 5. The current token price was $1.29 per ENA. Subtracting this amount from their initial holding leaves them with roughly 3.88 million ENA tokens, which translates to a value of about $2.74 million. Consequently, they have incurred a significant loss of over $13 million.
As a crypto investor in ENA, I observe that this recent transaction adds to the existing supply pressure on our token. Larger holders cashing out could signal a possible further correction if the trend continues. The $0.65 price level, which was previously both support and resistance, may flip into becoming just support if sellers continue dominating the market.
The post-breakdown fall could tumble ENA value nearly 30% down to hit the $0.5 psychological level.
Contrarily, the latest report from crypto analytics firm IntoTheBlock reveals that Ethena’s Total Value Locked (TVL) has surpassed an impressive figure of over $3.4 billion. This significant increase indicates a growing user base and heightened investment in the platform, reflecting robust faith from the crypto community.
Ethena’s TVL continues its impressive growth trajectory and now exceeds $3.4 billion!
— IntoTheBlock (@intotheblock) June 12, 2024
As an analyst examining Onchain data, I can share that the data suggests a generally optimistic outlook towards Ethana based on recent trends. This positive sentiment may contribute to a potential rebound from the $0.65 price mark, which could serve as a significant pivot point for the cryptocurrency’s future price movements.
As a researcher observing the market trends, I believe that a potential reversal is imminent for Enanta Pharmaceuticals (ENA), which could result in the formation of a double bottom pattern. Consequently, the ENA price is expected to surge above the $1 mark.
Technical Indicator
- EMAs: The ENA price falling below the 20-and-50-day Exponential Moving Average slope indicates the near-term trend in bearishness.
ADX: The ADX slope falls to 15% indicating the ongoing correction allows buyers to stabilize the asset for a higher rally.
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2024-06-12 16:25