Ethena Price Plunges 10% As This Crypto Wallet ICO Raises $7M

Ethena price fell more than 10% over the past 24 hours to trade at $0.7929 as of 3:55 AM EST as investors unloaded their cryptocurrency holdings into the market.

This ENA price drop comes as the founder of BitMEX Arthur Hayes He has begun reducing his exposure to cryptocurrencies in recent weeks. After 7.85 million tokens were deposited on Binance on December 21, 2024, on-chain analytics platform Lookonchain reported another massive deposit made in the last 24 hours.

According to the company, Hayes sent 7.85 million ENA worth $6.46 million to Binance and Bybit.

Arthur Hayes)@CryptoHayes) Deposited 7.85 million $ina($6.46 million) to #Binance and #babybit Again 15 minutes ago.https://t.co/lwQqYTPbua pic.twitter.com/ah9FZaj6wg

– Loconchain (@loconchain) January 13, 2025

Ethena price stabilizes at crucial support

ENA/USD 4-hour chart (Source: GeckoTerminal)

the Athens The price was in Unification Ranging between $0.7932 and $0.9384 over the past few days. In recent hours, the altcoin price began to decline towards the lower limit of this sideways channel. If ENA price drops below $0.7932 in the next 12 hours, it could be at risk of falling to the next support level at $0.6661.

On the other hand, a bounce from the $0.7932 support level in the coming hours could mark the end of the Athens price decline. Traders will likely start entering into long altcoin trades in this alternative scenario. This potential buying volume could then lead to a test of the upper boundary of the current price channel at $0.9384.

Continued support from the bulls should Ethena price break above $0.9384 could then lead to a rally to a high of $1.0801 in the short term.

Technicians warn that the price of Ethena may continue to decline

From a technical perspective, indicators on the 4-hour chart of the cryptocurrency warn that the price of Ethena may fall in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing lower.

A major bearish technical signal was triggered by the MACD indicator in the past two hours. During this period, the MACD line crossed below the MACD signal line. Traders usually see this technical event as an indicator that the cryptocurrency is entering a negative cycle. As the gap between the two lines widens, the downward momentum appears to be gaining strength as well.

Meanwhile, RSI readings have dropped from just below the neutral 50 to extreme oversold territory below 30. Although the current low reading could be viewed as a buying opportunity, it is not unusual for the indicator to remain at this low level when… Cryptocurrencies are being phased out. By merchants. The negative slope of the RSI line suggests that this may now be the case.

As sellers retain control over the price of Ethena, the cryptocurrency wallet token is pre-sold Best Wallet (Best) It managed to raise more than $7 million. Crypto Gains, a popular YouTuber with over 141k subscribers, says BEST could surge 10x after its launch.

The ultimate solution for storing cryptocurrencies

Best Wallet is a cryptocurrency storage solution that comes with all the functionality and features that investors will need to manage, secure and grow their digital asset holdings. Some of the project’s notable features include the ability to seamlessly switch from one cryptocurrency to another, the option to stake multiple cryptocurrencies within a single app, and the option to participate in iGaming projects.

Investors can also rest assured that their assets are safe, given the non-custodial nature of the portfolio. This means that only users have access to their private keys, making Best Wallet a more secure option for storing cryptocurrencies than a centralized exchange.

The fastest growing cryptocurrency wallet!

In a crowded market, Best Wallet provides the tools you need to get the edge. 🚀

1️⃣Alpha exclusive to new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.

That’s why it’s better… pic.twitter.com/AT4yos1CmG

— Best Wallet (@BestWalletHQ) December 30, 2024

Token holders are also given access to exclusive market insights including real-time data, investor sentiment and key project updates. With easy access to this information, investors can stay ahead of the digital asset landscape.

Investors can also unlock additional features within the Best Wallet app by purchasing the project’s native BEST token. By simply holding cryptocurrencies, investors will gain early access to new projects, unlocking reduced transaction fees as well as higher rewards, while at the same time allowing them to participate in project management.

Investors are betting big on BEST’s future

With the range of features available within the Best Wallet ecosystem, it’s easy to see why investors have poured over $7 million into the project’s ongoing initial coin offering (ICO). There is also a 269% APY on offer to pre-sale buyers, which could be another factor that attracts investors at this early stage.

Anyone can get these rewards by purchasing BEST through the tool embedded on the project website. After that, investors will just need to use their tokens through the signing page on the website to start earning passive cryptocurrency rewards.

Buy and get the best here for 269% APY.

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Best Wallet – Manage your crypto

• You can access DeFi and Web3 Dapps across multiple chains
• It comes with your own OpenAI-powered Chat Bot assistant
• Get early access to upcoming token launches and ICOs
• An integrated decentralized exchange for buying and trading cryptocurrencies
• Store cryptocurrencies and non-fungible tokens (NFTs) with industry-leading security