ENA Plunges 17% Amid Declining Exchange Activity
Ethena (ENA), the synthetic U.S. dollar protocol built on the Ethereum network, recorded a notable plunge as the market witnessed bearish sentiment.
ENA is down by 17% in the past 24 hours and is trading at $0.84 at the time of writing. The asset’s market cap fell to the $1.2 billion mark, making it the 68th-largest cryptocurrency.
Quite similarly, Ethena’s daily trading volume decreased by 14.5%, currently hovering at $618 million.
According to data provided by Santiment, Ethena recorded a net outflow of 9.18 million tokens from all exchanges over the past day. The daily exchange inflow declined by 73.5% — falling from 72.89 million ENA to 19.28 million ENA.
Per the market intelligence platform, the exchange outflow witnessed a 44% drop — declining from 50.72 ENA to 28.46 million ENA.
This pattern shows that the amount of traders and investors taking profits has declined impressively, and lower price volatility is usually expected.
According to Santiment, the number of daily active addresses has been consistently dropping over the past nine days — declining from 20,922 on April 9 to 2,341 active addresses per day at the reporting time.
The ENA Relative Strength Index (RSI) plunged from 60 to 44 over the past 24 hours, per Santiment. The indicator shows that Ethena is slightly undervalued at this price point and an upward acceleration could potentially trigger bullish momentum.
For ENA to stay in the bullish zone, its RSI would need to remain below the 50 mark.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
This Emerging DeFi Token Could Steal The Spotlight In 2025
A rising DeFi token could challenge Ethereum's dominance by 2025, reshaping decentralized finance. #partnercontent Read more
Altcoin Season Update: A Look At Whats Next For Cardano And Solana
As altcoin season heats up, ADA and SOL draw attention, with Lightchain AI Presale emerging as a rising star. #partnerco... Read more
Altcoin Seasons Top 3 Winners — Cryptos Picks For Winter 24/25 Trading
As winter 2024/25 nears, top altcoins gain momentum, offering promising trading opportunities. #partnercontent Read more