• The ENA token has fallen 38% in a single month, reflecting the market pessimism.
• As a consequence of ENA value decline and de-staking, Whale suffered a lack of $2.71 million.
• Technical indicators counsel a continued bearish development for the ENA token.

Ethena’s ENA token has skilled a pointy decline in worth as a result of international crypto bear market sentiment. Over the previous month, the token's value has fallen by greater than 38%, reflecting widespread investor pessimism.

Previously seven days alone, the ENA token has fallen by one other 10%. On the time of writing, the ENA token is buying and selling at $0.8045, marking a 5.41% decline in simply the previous 24 hours. This continued decline highlights the token's battle to take care of its worth amid market uncertainty.

ENA/USD 24-hour chart (Supply: coin statistics)

Consequently, the token's intraday market capitalization additionally fell, lowering by 5.35% to a $1.2 billion valuation. This valuation change makes the ENA token the sixty fifth largest by market capitalization, reflecting current market efficiency.

Moreover, ENA's buying and selling quantity additionally displays this downward trajectory. Previously 24 hours, the buying and selling quantity decreased by 11.77% to a complete of $137.8 million. This unrelenting bearish sentiment enveloping the ENA token signifies a scarcity of investor confidence and will result in additional value declines within the instant future.

Whales endure large losses as a result of ENA decline

Based on a publish on Lookonchain X (previously Twitter), a whale investor not too long ago conceded as a result of continued bearish sentiment surrounding the $ENA token. Based on the publish, this particular person de-staked and offered his $ENA holdings at a major loss, leading to a complete monetary hit of $2.71 million.

On April fifth, buyers withdrew $6.01 million ENA tokens value $5.71 million from Binance at a value of $0.95 per token. Initially, the value of $ENA began to rise and buyers additional elevated their stakes. On April tenth, they withdrew one other $3.32 million in ENA tokens from Binance, this time value $4.76 million, at a excessive value of $1.44 per token.

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

To this point, this investor has deposited a complete of $8.33 million (equal to $6.94 million) in $ENA tokens to Binance. The typical value these tokens had been offered for was $0.83 per token. Consequently, buyers suffered a complete lack of $2.71 million. Regardless of the heavy losses, the whale nonetheless holds $1 million of ENA tokens, with a present worth of $823,000.

ENA value motion

On the technical aspect, the ENA token MACD indicator is in a downtrend and presently sits at -0.0165. This means a short-term bearish development for the token. Moreover, the MACD line is beneath the sign line, confirming that the ENA token may proceed to maneuver decrease.

ENA/USD 4-hour chart (Supply: buying and selling view)

On the similar time, the MACD histogram reveals an enlarged purple bar beneath the zero line, reinforcing the bearish momentum. This means continued promoting strain and will trigger additional value declines within the brief time period.

On the similar time, the RSI indicator situated at 35.84 means that the ENA token is approaching oversold territory. This state of affairs may reveal a possible shopping for alternative for merchants trying to enter the market at diminished costs. However, the RSI has not but damaged by means of the 30 threshold indicating oversold situations, so additional declines stay potential earlier than the anticipated rebound.