Is Ethena’s Token Unlock a Blessing or a Curse? Find Out Now! 😱

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Ah, dear reader, gather ’round as we delve into the curious case of Ethena, a company that seems to be perpetually on the brink of a financial opera. Today, it stands poised to unleash a veritable deluge of 266 million ENA tokens, a spectacle that promises to be as thrilling as watching paint dry. The first act of this drama unfolds with a $34 million unlock, a sum that might make one ponder the value of a good cup of tea.

According to the oracle known as CryptoRank.io, Ethena (ENA) shall release 94.19 million tokens today, valued at a staggering $33.87 million—merely 0.63% of the total supply and a laughable 1.79% of the market cap. And lo! Another 171.85 million tokens are set to be liberated on the fifth of April, a date that may or may not be significant in the grand tapestry of life.

As the tokens prepare for their grand exit, the price of ENA languishes at $0.35, having taken a 17% tumble over the past week, following a rather theatrical dump of 184,000 ENA tokens by World Liberty Financial, worth a mere $69,000. One might wonder if they were trying to make a statement or simply needed to clear out their digital attic. Just a month prior, on March 5, Ethena had already unlocked a staggering 2.07 billion ENA tokens—worth $728 million—representing 13.9% of the total supply. Quite the family reunion, wouldn’t you say?

Now, if we cast our eyes upon the chart, we see that the price of ENA has been on a downward spiral since the dawn of the year, trading below the 21-day Exponential Moving Average. It made a valiant attempt to break free from this downward trend in late March, but alas, it was not to be. The price, like a timid child, retreated back into its shell.

The RSI, that fickle friend, sits at 44.26, just shy of the neutral 50 level. Yet, the moving average of the RSI is at 46.88, suggesting a feeble attempt at recovery—like a cat trying to climb a tree but getting distracted by a butterfly.

In this curious market, the recent lows around $0.342 serve as a fragile support. Should the price manage to cling to this lifeline, it may attempt another ascent towards the 21-EMA at 0.3817. Our dear technical analyst, Ali Martinez, suggests that if ENA can defend this support level, it might just climb to $0.473. A noble quest indeed!

As long as #Ethena $ENA defends the $0.342 support, it could climb toward $0.473. Keep it on your radar!

— Ali (@ali_charts) April 1, 2025

However, should this support crumble like a poorly baked soufflé, the price could plummet to $0.30 – $0.32, a level where it once consolidated before embarking on a bullish rally last October. Ah, the cyclical nature of life and markets!

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2025-04-02 15:13