Price: $0.38505 3.3405%
Market Cap: 56.56B 1.7429%
Volume (24h): 7.98B 0.4%
Dominance: 1.7429%
Price: $0.38505 3.3405%
Market Cap: 56.56B 1.7429%
Volume (24h): 7.98B 0.4%
Dominance: 1.7429% 1.7429%
  • Price: $0.38505 3.3405%
  • Market Cap: 56.56B 1.7429%
  • Volume (24h): 7.98B 0.4%
  • Dominance: 1.7429% 1.7429%
  • Price: $0.38505 3.3405%
Home > Information news > Ethena Price Prediction: Is $3.4 Billion TVL Enough to Push ENA Back to $1?

Ethena Price Prediction: Is $3.4 Billion TVL Enough to Push ENA Back to $1?

Release: 2024/06/12 22:03 Reading: 347

Original author:Coingape News Media

Original source:https://coingape.com/?post_type=markets&p=201991

Ethena Price Prediction: Is $3.4 Billion TVL Enough to Push ENA Back to $1?

Ethena Price Prediction: Cryptocurrency Market Correction Impacts ENA

The first half of June witnessed a bearish trend in the cryptocurrency market, with Bitcoin struggling to maintain levels above $71,000. This downturn, coupled with market uncertainty surrounding the U.S. CPI data, initiated a corrective phase for many major altcoins. Amidst this decline, Ethena (ENA) lost $1 in value, reaching a three-week low of $0.684.

Correction Analysis

Ethena entered its current correction on April 11th, following a peak of $1.523. The bearish reversal resulted in a 57.12% decline, seeking support at $0.653. While Bitcoin's recovery in May provided some support for ENA, the altcoin failed to maintain $1 and reversed course. With a weekly loss of 27%, ENA is currently trading at $0.72, with a market capitalization of $1.105 billion.

Major Holder Sale

A significant event influencing ENA's correction was the recent unstaking and sale of a large portion of tokens by a major holder at a loss. According to on-chain data tracker Lookonchain, the staker sold 19.36 million ENA tokens ($14.1 million) of their 23.24 million ENA stake ($17.3 million).

Support Levels

If market conditions persist, the $0.65 support level could be broken, leading to a decline of almost 30% to the psychological level of $0.5.

Conclusion

The bearish correction in the cryptocurrency market and the sale of a large portion of ENA by a major holder have contributed to ENA's recent decline. The ability of ENA to reverse this downtrend will depend on key support levels and overall market sentiment.

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