- The Ethena crypto price has declined by 26% in the last seven days.
- The price volatility of the crypto is high, resulting in 10.17%.
An X post from @lookonchain shows that one of the largest ENA Stakers has unstaked all of his ENA worth $17.3M by booking a loss of $14.1M. He booked a loss of more than $13M, which is very pessimistic for investors.
Also, a strong downtrend in the trading price of the crypto can be seen, followed by a consistent decline over the last few days.
The largest $ENA staker unstaked all 23.24M $ENA($17.3M) 13 hours ago and sold 19.36M $ENA($14.1M) at a loss.
— Lookonchain (@lookonchain) June 12, 2024
He withdrew 23.24M $ENA($30M) from #Binance at $1.29 between Apr 10 and Apr 5.
He currently has 3.88M $ENA($2.74M) left, with a loss of more than $13M!… pic.twitter.com/T2Akf6havZ
With solid profit booking, Ethena lost the trading volume, resulting in a slight increase of 2.7%. When writing, the crypto’s market cap reduced by more than 2.5% in the last 24 hours.
Ethena crypto has high liquidity based on its market, resulting in 16.20%, making it easier to buy and sell in different market conditions.
Also, the circulating supply of the crypto is 1.52B ENA, while the total supply is 15.0B ENA. It has a fully diluted market cap of $10.777B.
Ethena’s market cap dominance is 0.04%, followed by a market cap value of $1.09B. Also, the value of the traded volume for the crypto in the last 24 hours is $178.492M.
Ethena Crypto Derivatives Data Analysis
The crypto derivatives have witnessed a surge in trading activity followed by a surge of 28% in the crypto trading volume.
![ENA](https://themarketperiodical.com/wp-content/uploads/2024/06/image-167-1024x242.png)
There has been a surge in the open interest over the last 24 hours in crypto, while the long liquidation has been very high, resulting in $489.33K. It shows that sellers are ruling over the crypto price.
The liquidation chart of the Ethena crypto further shows a consistent advance in the long liquidations over the last few weeks.
The blockchain data of the Ethena crypto further shows a consistent surge in the total value locked (TVL), which shows that investors have confidence in the crypto environment.
Also, the current TVL of Ethena is $3.435B, followed by a total raised amount of $20.0M.
ENA Crypto Technical Analysis
The price of the ENA crypto can be seen following a strong downtrend on the charts, followed by a consistent decline over the last seven days.
![ENA](https://themarketperiodical.com/wp-content/uploads/2024/06/image-166-1024x456.png)
The ENA crypto price was trading in an uptrend from mid-May 2024 to the beginning of June, and then it started to witness profit booking.
The crypto price led to a decline of 32% from the swing high of $1.08. That behavior of the crypto price also led to a rising wedge pattern, and the price has currently broken below the same.
ENA/USD Chart by TradingView
Looking at the technical indicators, a bearish outlook can be discovered as the majority of technicals support the weakness in the price of crypto.
The price of the ENA crypto has declined below the 50-day EMA on the daily chart and has given a closing below the same.
The MACD and the signal line formed a bearish cross and declined to a negative trajectory.
The RSI also follows a bearish cycle on the charts and has declined below the-day SMA and the 50-level.
Summary
Ethena (ENA) crypto has experienced a 26% price drop in the past week, with significant volatility.
Major sell-offs, including a $14.1M loss by a large staker, have driven the bearish trend. High liquidation and bearish technical indicators, including MACD and RSI, further suggest a continuing decline in ENA’s value.
Further looking at the technical charts, we can see that the ENA crypto price might take support at the lower levels of $0.510 and $0.6560, followed by the resistance levels of $1.0780 and $1.460.
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.