- The recent decrease in ENA prize is driven by large investors who seem to win.
- Spot Retail investors try to hold the price and the actions of these great investors continue to combat.
Ethena [ENA] has emerged as one of the most important losers of the market and has fallen by 17%for the past 24 hours. This decrease took place at the intersection of large investors who sell and buy in the retail trade that buy.
Ambcrypto analyzed the current status of ENA and assessed where it could actively go afterwards.
Can Ena resist the pressure of market investors?
There has been a huge sale in the last 24 hours led by large investors, usually referred to as whales.
This group of traders has contributed considerably to the recent volume of ENA and has sold around 2.65 million ENA with a value of approximately $ 977,000.
Source: Intotheblock
This sales level is remarkable because large investor activity often influences broader market behavior, so that other participants state their assets at lower prices.
Further analysis indicates that even if the sales pressure of these investors decreases, a major resistance level is for us.
The in/out of money around price (omap), a metric used to identify important support and resistance zones, shows potential resistance at $ 0.378.
At this level, 2.83 billion ENA was previously sold by only 1,430 traders and additional sales orders remain.
Source: Intotheblock
This suggests that if the price meets this point, a different decrease could follow, so that the price of the asset would push even lower. This sentiment is reflected in the derivatives market, which shows a growing volume.
At the time of writing, the Taker Buy/Sell Ratio continues to fall and currently reads 0.884.
If this trend continues, this would indicate that more sellers enter the market, so that possibly further price fall as volatility increases.
Can retail buy a price fall prevent?
While large investors and derivatives traders sell heavily, stores remain in the retail trade and the Ena continue to collect.
Retail investors have spent $ 1.59 million to buy ENA – more than the total that is sold by large investors.
Source: Coinglass
This indicates a strong willingness to maintain the stability of the price. The trend could continue in the coming days, so that ENA might restore some of its recent losses.
Social sentiment remains positive
The development activity of Ethena remains solid. An analysis of the GitHub does not reveal critical upgrades or fixes are being treated.
The current Commit activity and stars are at a record high, which reflects a healthy level of developer contribution to the platform.
Source: Intotheblock
If the momentum continues, this suggests gradual improvements aimed at improving the user’s interaction with Ethena – a general net positive for ENA.
For now the bears remain control. However, persistent development and persistent spot market accumulation could play a crucial role in the recovery and future growth of ENA.