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Ethena: 69% of investors in profit – Will they sell?
The recent decline in Ethena’s price has not deterred the token from showing signs of potential recovery. As we dive into its current market state, it appears that nearly 70% of investors are currently sitting in profitable positions. Given this information, a crucial question emerges: will these investors choose to offload their holdings or maintain their investments?
To better understand Ethena’s situation, let’s take a closer look at the token’s recent price action and market indicators.
As reported by AMBCrypto, ENA has been experiencing significant pressure on its price over the past 24 hours. As of press time, it is trading at $0.4882, reflecting a decline of approximately 10.81%. This downturn has pushed investors to question whether Ethena will rebound or continue its downtrend.
From a technical perspective, we see that ENA’s chart suggests the possibility of reversal if support levels hold and the token can break through critical resistance. It is essential for traders to consider this potential turn of events while also remaining cautious, as failure to hold these key levels could result in further declines.
One critical aspect supporting Ethena’s recovery prospects is the surge in new addresses holding ENA. In a period spanning just one week, we have observed a remarkable 238.94% increase in addresses participating. This growth indicates that investors are not only hesitant to sell but also growing more confident in their investment decisions.
Further examination of transaction data reveals a noteworthy shift in investor activity. The majority of transactions are occurring between $0 and $1,000, suggesting an active participation from smaller-scale investors. In contrast, larger investors appear less enthusiastic about buying into the current price levels. This might be attributed to the previously mentioned 10.18% of holders who still find themselves out of the money.
With nearly 70% of traders currently in profit, it is likely that these investors will closely monitor ENA’s movement before deciding on their next course of action. While some may opt to lock in profits or re-enter at higher price levels, others might choose to continue holding onto their positions should Ethena’s price rise further.
To conclude, while Ethena presents both risks and opportunities, it is essential for traders to consider the current market context before making any decisions.
Source: ambcrypto.com
