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Ethena Price Faces $1 Breakdown as Whale Selling Backs Bearish Pattern
The crypto market has been witnessing a significant downtrend in recent times, and the latest development is no exception. The price of Ethena (ENA) has taken a nosedive, plummeting by 18% over the past two days to reach a low of $1.05. This drastic fall is attributed to an intensified bearish pattern that has been triggered by the recent whale selling activity in the market.
Data from Spot On Chain reveals that two major whales/institutions have deposited a substantial amount of ENA (worth $19.4 million) back to centralised exchanges, marking a significant increase in selling pressure. Notably, one of these entities, a multisign wallet labelled “0xc69”, has been observed to often offload ENA before major price drops.
The bearish thesis is further strengthened by the formation of a double-top pattern on the daily chart. This technical indicator suggests the presence of intense overhead supply and a possible breakdown below the $1 level. A move below this critical support could potentially trigger an accelerated selling pressure, leading to a prolonged downfall of around 16% to challenge the neckline support of $0.88.
It is worth noting that if the broader market were to redevelop bullish momentum, the ENA price could potentially avoid a breakdown below the aforementioned level, thereby invalidating the bearish thesis. However, this scenario seems less likely given the recent crypto market trends and the whale selling activity witnessed in the past two days.
In conclusion, the Ethena price is poised for a significant breakdown to $0.88, which if breached could lead to further losses of 16% or more. It remains to be seen whether buyers can rally enough to defend this support level, but based on current market conditions, a bearish outcome appears more probable.
For those looking to take advantage of the upcoming correction, it may be worth exploring low-cap altcoins that are poised for substantial gains in the short-term. Some of these lesser-known coins have been identified by analysts as having potential for 3X growth in the next year, and could potentially benefit from a bearish market sentiment.
In other related news, CryptoNewsZ has been following several notable events in the crypto space, including a crackdown on a Vietnamese cryptocurrency mining scam group that has left over 200 victims affected. Stay tuned to our blog for more updates on this developing story as it unfolds.
Source: http://www.cryptonewsz.com
