Ethena (ENA) price has entered the recovery process, a large whale of 17,875 million ENA token to unstakes investors worried. This move can increase the likelihood of a potential wave of sales while short -term effects on the price.
17.875m ENA UNSTAKE: PRICE RISK RISK
A large crypto whale, 17,875 million Ethena token unstakes on the attention. This amount corresponds to approximately $ 8.78 million with current prices. The whale has invested all of these tokens in Binance, which may indicate the intention of sales.
However, this sales may also mean a major loss for the whale. According to the data, the whale purchased these tokens for an average of $ 1.67. Since the current price is at the level of $ 0.4989, there may be a loss of $ 12.09 million if the sale occurs. This suggests that the whale’s decision may be more strategic.
Does the price of ENA crash with the sales wave?
Although the launch of such a large amount of token seems to be worried at first glance, it is thought that the effect will be limited. ENA price is currently traded at $ 0.4989 and shows signs of recovery after the recent collapse. The daily transaction volume has reached $ 270.86 million, and this shows that the interest rate is still strong.
However, this wave of sales can activate small investors. However, such movements often have short -term effects. The price is possible to decrease to 0.4280 support level. At this level, recovery can target 0.502, 0.617 and $ 0.808.
Levels to be followed in Ethena Price
Due to the current market conditions and the possibility of sales of whale, the levels of support and resistance that investors should carefully follow are important.
- Support levels:0.3430, 0.4280 and 0.4530
- Resistance levels:0.6710 and 0.8082
A decrease to 0.428 support level can offer an appropriate purchase opportunity. The recovery, which will take place at this level, can carry the price to 0.6710, then to $ 0.8082. However, if the level of 0.4280 is broken, the price is likely to decline to $ 0.3430.
What’s next?
Although Ethena is one of the leading crypto currencies of the market, it continues to lose value in the current turbulent process. The price fell 67 %from $ 1.52, the highest level of all time. Nevertheless, the strong support of the 0.4280 level can offer the opportunity to recover for investors.
Even if the whale sales of 17,875 million EMAs are realized, the impact on the price is expected to be limited. It is of great importance that investors pay attention to lock levels and take strategic steps in this process.
