Bitcoin

April

Ethena

Billion

PEPE

Ethena Price Prediction: The second week of June has been notably bearish for the cryptocurrency market as <a href="https://coingape.com/markets/can-bitcoin-price-reach-70000-this-week-as-ethereum-solana-scream-buy/" rel="noopener noreferrer nofollow">Bitcoin price</a> struggled to sustain above $71000. A bearish turnaround from the BTC price aligned with the market uncertainty ahead of the <a href="https://coingape.com/bitcoin-price-advances-us-cpi-inflation-cools/" rel="noopener noreferrer nofollow">U.S. CPI data</a> triggered a fresh correction phase of most of the major altcoins. Amid the downfall, Ethena coin lost $1 value and plunged to a three-week low of $0.684. Will this correction be extended?
Also Read: <a href="https://coingape.com/crypto-prices-today-june-12-btc-eth-altcoins-continue-bearish-movement-pepe-price-soars/" rel="noopener noreferrer nofollow">Crypto Prices Today June 12: Bitcoin &amp; Altcoins Extend Bearish Movement, PEPE &amp; BONK Prices Rally</a>
<h2 id="b-ethena-price-prediction-key-support-levels-to-trigger-a-major-reversal-b">Ethena Price Prediction: Key Support Levels to Trigger a Major Reversal</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/f/fVLv8Fdk.png" alt="BINANCE:ENAUSDT Chart Image by sahilmahadik07">
<a href="https://coingape.com/education/what-is-ethena-finance/" rel="noopener noreferrer nofollow">Ethena</a> token entered the current correction on April 11th, after its peak at $1.523 Mark. The bearish reversal tumbled 57.12% down to seek support at $0.653. While the May-month recovery in Bitcoin bolstered the ENA price for fresher recovery, the altcoin failed to hold a $1 value and resulted in an immediate reversal.
With a weekly loss of 27%, the Ethena coin trades at $0.72 and holds a market cap of $1.105. Moreover, the largest staker of ENA tokens recently unstaked and sold a significant portion of their holdings at a loss. According to on-chain data tracker Lookonchain, the staker unstaked all 23.24 million ENA tokens ($17.3M) and sold 19.36 million ENA tokens ($14.1M) at a loss.
<blockquote class="twitter-tweet">
 The largest <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a> staker unstaked all 23.24M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a>($17.3M) 13 hours ago and sold 19.36M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a>($14.1M) at a loss.
 He withdrew 23.24M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a>($30M) from <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at $1.29 between Apr 10 and Apr 5.
 He currently has 3.88M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a>($2.74M) left, with a loss of more than $13M!… <a rel="noopener noreferrer nofollow" href="https://t.co/T2Akf6havZ">pic.twitter.com/T2Akf6havZ</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1800734074702897354?ref_src=twsrc%5Etfw">June 12, 2024</a>
</blockquote>
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The staker withdrew 23.24 million ENA ($30M) from Binance at $1.29 per token between April 10 and April 5. They now have 3.88 million ENA tokens ($2.74M) left, resulting in a loss of over $13M.
This transaction puts additional supply pressure on ENA as larger holders existing could indicate a potential for further correction. If supply pressure from the broader market persists, the sellers could flip the $0.65 support and resistance.
The post-breakdown fall could tumble <a href="https://coingape.com/markets/athena-protocol-gains-momentum-tvl-increase-2-75-billion-for-1/" rel="noopener noreferrer nofollow">ENA</a> value nearly 30% down to hit the $0.5 psychological level.
Also Read: <a href="https://coingape.com/us-cpi-core-cpi-estimates-wall-street-signals-crypto-market-recovery/" rel="noopener noreferrer nofollow">US CPI Analysis By Wall Street and Options Data Signal Crypto Market Recovery</a>
On the contrary note, Ethena’s Total Value Locked (TVL) has reached an impressive milestone, exceeding $3.4 billion, according to the latest analysis from crypto analytics firm IntoTheBlock. This growth highlights Ethena’s expanding user base and increased investment in the platform, signaling strong confidence from the crypto community.
<blockquote class="twitter-tweet">
 Ethena’s TVL continues its impressive growth trajectory and now exceeds $3.4 billion! <a rel="noopener noreferrer nofollow" href="https://t.co/K7bWOpnxSO">pic.twitter.com/K7bWOpnxSO</a>
 — IntoTheBlock (@intotheblock) <a rel="noopener noreferrer nofollow" href="https://twitter.com/intotheblock/status/1800802279026761851?ref_src=twsrc%5Etfw">June 12, 2024</a>
</blockquote>
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This Onchain data hints the broader market sentiment remains positive towards Ethena which could bolster reversal from $0.65 indicating a crucial pivot level.&nbsp;
A potential reversal will develop the double bottom pattern and uplift the ENA price above $1 shortly.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">EMAs: The ENA price falling below the 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Exponential Moving Average</a> slope indicates the near-term trend in bearishness.</li>
 <li style="font-weight: 400;" aria-level="1">ADX: The ADX slope falls to 15% indicating the ongoing correction allows buyers to stabilize the asset for a higher rally.</li>
</ul>
The post <a href="https://coingape.com/markets/ethena-price-prediction-is-3-4-billion-tvl-ena-back-to-1/" rel="noopener noreferrer nofollow">Ethena Price Prediction: Is $3.4 Billion TVL Enough to Push ENA Back to $1?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethena Price Prediction: Is $3.4 Billion TVL Enough to Push ENA Back to $1?

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