Ethena is confronted with a potential wave of sales pressure, because 266 million ENA tokens are unlocked in two phases, starting with the first $ 34 million unlocking today.
According to Cryptorank.ioETHENA (ENA) will today unlock 94.19 million ENA tokens, worth $ 33.87 million – 0.63% of the total supply and 1.79% of market capitalization. Furthermore, 171.85 million tokens are unlocked on 5 April.
The upcoming token unlocks come as ENA at $ 0.35, with 17% in the past week, after World Liberty Financial’s dump from 184,000 ENA Tokes, worth $ 69,000, on March 25. For this, Ethena unlocked a huge 2.07 billion ena -tokens – WORTH $ 728 million – which proposes 13.9% of the total offer.
Looking at the graph, Ena Price has been in a clear downward trend from the beginning of the year and traded under the exponential advancing average of 21 days. The price tried an outbreak above the 21-day EMA for a few days at the end of March, but did not succeed in maintaining it.
The RSI is 44.26, below the neutral 50 level. However, the RSI -prescription average is at 46.88, which means that there is an attempt to recover, but it is still weak.
The recent lows of approximately $ 0.342 act as a short -term support. If the price applies above this zone, it could try a new step to the 21-EEM at 0.3817. According to technical analyst Ali MartinezIf ENA defends this level of support, it could rise to $ 0.473.
However, if this support fails, the price could fall to $ 0.30 – $ 0.32, where the price was consolidated in October before it broke out in a large bullish rally.
