Crypto Whales Dump Ethena (ENA)— Is a 13% Dip Next?
The ENA value is up greater than 10% previously 24 hours and trades close to $0.28. The transfer stands out as a result of the token continues to be down about 54% in three months, caught in a regular downtrend. Some merchants may see the bounce as the beginning of a pattern shift.
But on-chain knowledge and technical alerts nonetheless lean the opposite approach. The rally has not earned sufficient affirmation, and a 13% pullback stays a actual risk.
Whales Reduce Exposure While Volume and Momentum Lag
Large holders aren’t backing the transfer. While a number of posts on X highlighted contemporary whale shopping for, the broader image tells the alternative story.
Over the previous 24 hours, whale holdings dropped from 8.17 billion to eight.07 billion ENA. That’s a discount of almost 100 million ENA, price about $28 million at present costs.
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So the bounce is occurring whereas whales proceed to trim positions. That weakens the rally’s base
Volume patterns agree. On-Balance Volume (OBV), which tracks whether or not actual shopping for quantity is rising or falling, has shaped a clear divergence. From November 18 to November 26, the ENA value made a larger high, however the OBV made a decrease high.
This means value is rising sooner than actual quantity, and such divergence usually caps rallies. To nullify the divergence, the OBV metric should break previous its descending trendline. Until that occurs, ENA price rallies will lack power.
Momentum doesn’t assist a breakout both.
RSI (Relative Strength Index), which measures shopping for power, exhibits a hidden bearish divergence. Between November 10 and November 26, the ENA price formed a decrease high, however the RSI shaped a larger high. Hidden bearish divergence seems inside ongoing downtrends, not earlier than reversals. It suggests the broader pattern is attempting to proceed decrease.
When you mix whale promoting, weakening OBV, and a bearish RSI construction, the rally seems extra like a aid bounce than a pattern change.
ENA Price Levels Show a Possible 13% Drop
The key stage within the quick time period is $0.29. If Ethena (ENA) cannot break and shut above that stage, the bounce loses momentum once more. That exposes $0.24, which sits virtually 13% beneath present costs.
A clear break underneath $0.24 opens the way in which towards $0.21, which is the deeper assist if promoting stress grows.
For the rally to realize power and proceed, the ENA value wants two steps:
• first, a sturdy candle shut above $0.29, primarily led by the OBV breakout (if it occurs)
• then a follow-through above $0.35.
Only above $0.35 do the RSI-led bearish divergences start to weaken, and solely then can a transfer towards $0.53 develop into a affordable upside goal. Until that occurs, the ENA value downtrend stays in management.
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