Market volatility hits ENA: Whale piles up regardless of 9% decline

• Ethena (ENA) has plunged a whopping 9.20% within the final 24 hours to commerce at $1.7.
• A whale created a brand new pockets and purchased a whopping 5.29 million ENA tokens.
• Whale purchased tokens at a mean worth of $1.12 and is at present in a loss.

Athena, the artificial greenback protocol on Ethereum, has seen its ENA token fall by 9.20% within the final 24 hours because the crypto market fell. Bitcoin (BTC) is making an attempt to interrupt 104 thousand {dollars}. Nevertheless, the whale reportedly collected giant quantities of ENA.

Spot On Chain, a blockchain analytics platform, introduced on X that the whale Ethena created a brand new pockets and purchased 5.29 million tokens at a mean worth of $1.12, bringing the entire buy price to $5.92 million. The pockets has already taken a loss on its holdings of ENA, which is at present valued at $5.655 million based mostly on the altcoin's present worth, i.e. $1.07.

Additionally Learn: Ethena USDe Stablecoin Soars 72% – Tether's Market Lead Beneath Risk

The tokens had been then pulled from Binance, the world's largest digital asset buying and selling platform, which implies that the whale is bullish on the short-term worth development of the ENA token regardless of the large worth drop within the final 24 hours. Based on CoinMarketCap knowledge, the cryptocurrency is up 16.45% over the previous week and up 87.77% over the previous 30 days.

ENA worth evaluation

The every day chart exhibits that the Relative Power Index (RSI) for ENA is 59.20. This means that the bulls are controlling the worth motion, however the route of the RSI line suggests {that a} $1 retest is probably going.

The MACD indicator exhibits a bearish divergence. The sign line crossed the MACD line and the MACD histogram turned purple. Mixed with the RSI knowledge, ENA's short-term outlook seems bearish. Buyers ought to proceed with warning.