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- In yesterday’s session, the ENA price recorded its ATL mark at $0.3109.
- ENA price tanked more than 70% from its 52-week high in the last three months.
Ethena faced a massive selloff and tumbled to its all-time low mark in the last few hours. Amidst the market selloff, ENA hit the most and dragged more than 35% this week.
Ethena (ENA) is currently not looking promising and is causing negative sentiment among investors. An intense follow-on selloff was spotted, which caused panic. The sellers aggressively pushed the token to its lowest trajectory.
So far, most top cryptocurrencies have experienced a significant downturn in their value. ENA appeared to be in trouble in the middle of this bear run. This is because it slipped below the pivot of the $0.3300 mark.
This week, $USDe was launched by Ethena Labs to act as margin collateral on the Bybit cryptocurrency trading platform.
With an attractive rate of 20% APR, this new integration enables active users of Bybit to borrow the funds they need. Moreover, it helps them to expand their trading opportunities using their $USDe.
Ethena At Press Time
At press time, ENA was trading near $0.322. It has experienced a decline of over 8.20% in the last 24 hours. Its trading volume dropped over 15%, indicating lower anticipation of a selloff ahead among the traders.
Regarding the market cap, ENA was ranked at 96 with a market cap of $458 Million. It has a total supply value of 15 billion.
Ethena Reached The Bottom: Will The Decline Extend Ahead?
Trading inside a falling channel, the lowest edge was around $0.2700. Additionally, ENA might slip to the respective mark shortly.
If any significant bounceback happens that leads ENA above the $0.3600 mark, it will be invalidated.
ENA Price Chart | Source: Santiment
Falling below the key moving averages, the short-term and long-term projections remained bearish. Moreover, no signs of recovery have been seen until now.
The bearish market sentiment gave sellers a boon. They succeeded in their mission of breaching its ATL mark this week.
@Tekkaadan, in his tweet, said that ENA is about to reach the open price.
$ENA about to tap its opening price.
— tekkaadan (@tekkaadan) August 3, 2024
WILD. pic.twitter.com/DHKeFsMKPM
A Tweet by @Tekkaadan | Source: X
Its technical indicators guided a strong bearish stance. The RSI curve sailed in the oversold trajectory, conveying a strong bearish projection.
Similarly, the MFI index showed a major outflow directing the negative stance. The ADX indicator also indicated that sellers have strengthened their grip and want to stretch the fall ahead.
Despite its recent struggle, ENA still boasts a market cap of $458 Million with a circulating supply of 1.43 Billion.
Active Addresses and Network Growth On a Bearish Note
Amidst the severe price drop, the active addresses data noted a flat movement near the downside region around 677, signifying the lower investor confidence and optimism for ENA.
Active Adresses Data | Source: Santiment
Likewise, the network growth data pointed to the same. No significant activity has happened, which lagged the token’s growth to a lower extent.
Meanwhile, the market selloff has increased the velocity, as traders have increased the velocity. They are in a panic situation. This resulted in high-frequency trades in the last few sessions.
Its Open Interest (OI) fell over 9.90% to $86.02 Million, signifying intense unwinding data in the past 24 hours.
If the selling pressure extends, the ENA price might slip toward the pivot mark of $0.300. This was followed by $0.280. Conversely, If any pullback happens, it may go toward the resistance zone of $0.350, followed by $0.380.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
