Ethena Whale Takes $2.71M Hit as ENA Token Drops 38% in a Month

• ENA token drops 38% in a month, reflecting market pessimism.
• Whale incurs a $2.71M loss amid ENA’s worth decline and unstaking.
• Technical indicators recommend an ongoing bearish development for the ENA token.

Ethena’s ENA token has seen a pointy decline in worth, influenced by the prevailing world crypto bearish market sentiment. Over the previous month, the token’s worth has dropped by over 38%, reflecting widespread investor pessimism.

Within the final seven days alone, the ENA token has fallen by a further 10%. At press time, the ENA token is buying and selling at $0.8045, marking a 5.41% lower in simply the previous 24 hours. This continued decline highlights the token’s battle to take care of its worth amidst market uncertainties.

ENA/USD 24-Hour Chart (Supply: CoinStats)

Consequently, the token’s intraday market capitalization has additionally suffered, lowering by 5.35% to succeed in a valuation of $1.2 billion. This valuation shift has positioned the ENA token because the sixty fifth largest by market cap, reflecting its current market efficiency.

Moreover, ENA’s buying and selling quantity has echoed this descending trajectory. Over the past 24 hours, buying and selling quantity has diminished by 11.77%, totaling $137.8 million. This relentless bearish sentiment enveloping the ENA token signifies an absence of investor confidence, which could result in further worth declines within the imminent future.

Whale Incurs Huge Losses Amid ENA’s Decline

In response to a Lookonchain X (previously Twitter) put up,  a whale investor lately conceded because of the ongoing bearish sentiment surrounding the $ENA token. Based mostly on the put up, this particular person unstaked and offered their $ENA holdings at a considerable loss, leading to a complete monetary hit of $2.71 million.

On April 5, the investor withdrew 6.01 million $ENA tokens, valued at $5.71 million, from Binance at a worth of $0.95 per token. Initially, the value of $ENA started to rise, main the investor to extend their stake additional. On April 10, they withdrew a further 3.32 million $ENA tokens from Binance, this time valued at $4.76 million, at the next worth of $1.44 per token.

Nonetheless, the anticipated upward development didn’t proceed. As an alternative, the value of $ENA began to fall shortly after this second withdrawal. By April 25, the whale started to capitulate, unstaking their $ENA tokens and promoting them at a loss.

To this point, the investor has deposited a complete of 8.33 million $ENA tokens, valued at $6.94 million, again into Binance. The typical worth at which these tokens had been offered was $0.83 per token. Because of this, the investor realized a complete lack of $2.71 million. Regardless of the heavy losses, the whale nonetheless holds 1 million $ENA tokens, at the moment valued at $823,000.

ENA’s Worth Motion

On the technical entrance, the ENA token’s MACD indicator is trending downward, at the moment positioned at -0.0165. This means a short-term bearish development for the token. Furthermore, the MACD line transferring beneath the sign line helps the potential of continued downward motion for the ENA token.

ENA/USD 4-Hour Chart (Supply: Tradingview)

In parallel, the MACD’s histogram reveals increasing pink bars beneath the zero line, reinforcing the bearish momentum. This means persistent promoting strain, probably driving additional worth depreciation within the close to time period.

Concurrently, the RSI indicator, positioned at 35.84, intimates that the ENA token is approaching oversold territory. This situation might unveil a potential shopping for alternative for merchants aiming to enter the market at diminished costs. Nonetheless, because the RSI has but to breach the 30 threshold, denoting an oversold state, there stays a chance for extra downward motion previous to any potential rebound.