Ethena Token ENA Loses Critical Support Level, Currently Trading at $0.81
Ethena token (ENA) is experiencing a significant downtrend, currently trading at $0.81 after losing the support level of $0.86. Key developments include:
- ENA briefly recovered to $0.83 on January 14 but has decreased by 17% over the past week.
- The token is down 35% month-to-date.
- A major sell-off occurred on December 26, 2024, when whale traders liquidated 3.36 million ENA tokens worth $3.17 million on Binance, causing a 10% price drop.
- Starting 2025, ENA peaked at $1.27 but has since retraced significantly.
Analyst Ali Martinez noted that ENA has broken out of a price range between $0.85 and $1.3. A failure to reclaim $0.86 could lead to further declines toward $0.69 or $0.57.
Bollinger Bands analysis indicates heightened volatility, with the price nearing the lower band and the 20-day simple moving average.
A notable withdrawal of 1.96 million ENA tokens valued at $1.63 million from Binance on January 15 suggests long-term confidence in the asset.
Since its launch in April 2024, ENA's market cap has fallen from $3.8 billion to $2.47 billion, ranking it 47th among cryptocurrencies. Additionally, 24-hour trading volume has decreased by 27% to $440 million.