Market Volatility Hits ENA: Whale Accumulates Regardless of 9% Drop

• Ethena (ENA) crashed a whopping 9.20% up to now 24 hours and trades at $1.7.
• A whale created a brand new pockets and purchased an enormous 5.29 million ENA tokens.
• The whale purchased the tokens at a median worth of $1.12 and is at present at a loss.

Ethena, an artificial greenback protocol on Ethereum, noticed its token ENA fall 9.20% up to now 24 hours because the crypto market declined. Bitcoin (BTC) is struggling to interrupt above $104K. Nevertheless, a whale has reportedly gathered a considerable amount of ENA.

Spot On Chain, a blockchain evaluation platform, reported on X that the Ethena whale created a brand new pockets and purchased the 5.29 million tokens at a median worth of $1.12, bringing the whole buy price to $5.92 million. The pockets has already taken a loss on its ENA holdings which is at present valued at $5.655 million based mostly on the present worth of the altcoin, i.e., $1.07.

Learn additionally: Ethena USDe Stablecoin Surges 72%—Tether’s Market Lead at Threat

The tokens had been then withdrawn from Binance, the world’s largest digital asset buying and selling platform, which signifies that the whale is bullish on the quick time period worth motion of the ENA token regardless of the monumental worth drop up to now 24 hours. Based on CoinMarketCap information, the cryptocurrency has surged 16.45% up to now week and is up 87.77% within the final 30 days. 

ENA Value Evaluation

The each day chart reveals the Relative Energy Index (RSI) for ENA is 59.20. This means that bulls management the worth motion, however the RSI line’s route suggests a retest of $1 is probably going.

The MACD indicator reveals a bearish divergence. The sign line crossed above the MACD line, and the MACD histogram turned pink. Mixed with the RSI studying, the short-term outlook for ENA seems bearish. Buyers ought to proceed with warning.