Ethena (ENA), a Promising Cryptocurrency, Shows Early Signs of Rebound

Ethena (ENA), a promising cryptocurrency, is showing early signs of a rebound after a period of market turbulence that saw its price drop to a recent low of $0.33.

Ethena (ENA) Shows Early Signs of Rebound After Recent Price Drop

Ethena (ENA) is showing early signs of a rebound after a period of market turbulence that saw its price drop to a recent low of $0.33. Over the past week, the price of ENA has dipped by nearly 10%, closely mirroring the broader market’s volatility.

However, recent developments suggest that ENA may be gearing up for a recovery as key technical indicators and market data indicate potential upward momentum.

Ethena (ENA) Credit: Benzinga

Ethena (ENA) Shows Signs of Rebound

Currently, the price of Ethena stands at $0.371524, with a 24-hour trading volume of $1.61 billion and a market capitalization of $1.13 billion. The cryptocurrency has seen a 4.96% increase in value over the past 24 hours.

This price increase could indicate that the recent downturn may be short-lived, and investors may be eyeing Ethena as a strong buy opportunity in the near future. Crypto expert Ali Martinez has highlighted a promising technical signal for Ethena.

According to Martinez, the TD Sequential indicator on the weekly chart is flashing a buy signal, suggesting that ENA could be primed for a rebound. This indicator, widely used to predict potential price shifts, is often considered a reliable tool for identifying bullish trends in the market.

The appearance of this buy signal has generated interest among traders and analysts alike, with many speculating that the recovery phase could be underway for Ethena.

Ethena Unlock Event and Large Transactions Impacting ENA Price

In addition to technical analysis, recent data from Lookonchain has revealed significant market activity surrounding ENA. Over the past 18 hours, Ethena Labs’ multi-signature wallet transferred a substantial 94.16 million ENA, valued at approximately $33.7 million, to 33 different addresses.

This transfer is likely part of a larger token unlock event that saw 2.07 billion ENA ($741 million), representing 39.17% of the circulating supply, released this week.

This massive unlock event could have an impact on the price of ENA, as large transactions can create short-term price fluctuations. Of the transferred tokens, 59.3 million ENA, worth $21.08 million, has been sold on decentralized exchanges (DEXs) or sent to Binance at an average price of $0.355.

Some notable recipients of these ENA tokens include OKX Ventures, which received 17.87 million ENA, and Curve’s founder, Michael Egorov, who was allocated 2.8 million ENA. Both OKX Ventures and Michael Egorov have deposited their ENA holdings to Binance.