Ethena gears up for massive token unlock – can ENA price withstand the sell pressure?
Ethena faces a potential wave of sales pressure, because 266 million ENA tokens should unlock in two phases, starting with the first unlock of $ 34 million today.
According to Cryptorank.ioEena (This one) will now unlock 94.19 million ENA tokens, worth $ 33.87 million – 0.63% of the total supply and 1.79% of market capitalization. In addition, 171.85 million tokens will be unlocked on April 5.
The next token unlocks came while ENA is negotiated at $ 0.35, down 17% in last week, after World Liberty Financial‘s dump Out of 184,000 Ena Tokes, worth $ 69,000 on March 25. Before that, March 5, Ethena unblocked A huge 2.07 billion ENA tokens – costs $ 728 million – representing 13.9% of the total supply.
Looking at the graphic, Ena Price was in a clear decrease trend from the start of the year, trading below the 21 -day exponential mobile average. The price attempted an escape over the 21-day EMA for a few days at the end of March, but failed to keep above.
The RSI is 44.26, below the neutral level 50. However, the Mobile Mobile RSI is at 46.88, which means that there is an attempt at recovery, but it is still low.
Recent stockings around $ 0.342 act as short -term support. If the price lies above this area, it could try another movement around 21-Wem at 0.3817. According to the technical analyst Ali MartinezIf Ena defends this level of support, it could increase to $ 0.473.
However, if this support fails, the price could drop to $ 0.30 to $ 0.32, where the price is consolidated in October from last year before relaxing in a major Haussier rally.
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