Currently, Ethena's (ENA) price is under pressure as it tests the support level at $0.30, with over $50 million worth of ENA tokens entering the market.
Market Situation Analysis
After a brief bounce from the $0.28 low to $0.35, Ethena's price has reversed again and is currently trading around $0.30. The 24-hour trading volume stands at $245 million, up by 15%. An expected release of tokens worth $52.97 million over the next week could impact prices.
Support at $0.30
The $0.30 level is critical as it previously facilitated an explosive rally over 100% to $0.67 last November. This suggests significant buying interest at this price point, which could absorb the selling pressure from the unlocked tokens. If support holds, ENA may stabilize or rebound; however, a slide below $0.30 brings risks of further decline to $0.25.
Future Prospects and Conclusion
Considering the upcoming Coinbase listing and other positive developments, such as Ethena Labs' partnership with Securitize, it seems unlikely ENA will drop below $0.25. The price has only dipped below this level once, hitting an all-time low of $0.19 last September, indicating its strength.
In conclusion, the current price situation of Ethena shows significant support at the $0.30 level, and future actions of the token will depend on the success of this support.
