- Galaxy Digital sold 10.85 million ENA at $1,144, making a profit of $2.37 million.
- The RSI at 46.27 is showing neutral momentum, but the MACD is indicating downward trends.
Galaxy Digital deposited 4.46 million ENA ($4.92 million) into Binance nine hours ago, continuing its massive sell-off. During the past 29 hours It was discharged 10.85 million ENA ($12.4 million) at an average price of $1,144, making a profit of $2.37 million. In total, three whales, including Galaxy Digital, transferred 25.81 million ENA ($30.43 million) to Binance and Bybit over the past two days.
ENA price fell significantly, trading at $0.9951. The market capitalization is $3.01 billion, or 13.71%. decrease The last day. Trading volume increased by 30.44% over the past 24 hours, reaching $613.15 million, with a volume to market cap ratio of 20.12%. ENA has a total value locked (TVL) of $5.89 billion, giving it a market cap to TVL ratio of 0.5162.
Will ENA sink further?
On the technical front, ENA is facing resistance at $1.09 and $1.21. Immediate support is at $0.99, with potential downside risks towards $0.95 if it breaks. The 4-hour chart indicates a downtrend, as the 9-day moving average crosses below the 21-day moving average. This crossover indicates continued downward pressure on the price.
The Relative Strength Index (RSI) currently stands at 46.27, Signs Neutral market. However, the recent drop to 29 indicates that the token was briefly oversold, which could attract buyers. A downward trend in the RSI, coupled with a falling moving average, indicates weak momentum.
The Bollinger Bands on the chart have widened, reflecting the increased volatility in recent trading sessions. The price moved below the middle band, confirming the downtrend. If the ENA fails to reclaim the $1.09 resistance, it will likely move towards the lower Bollinger Band near $0.95.
In addition, the Moving Average Convergence Divergence (MACD) indicator is showing downward momentum, with the MACD line trending below the signal line. The chart reflects increasing negative divergence, enhancing selling pressure.
ENA maintains active trading with a circulating supply of 3.03 billion tokens and a total supply of 15 billion. However, a break below key support levels may lead to further losses. Conversely, a successful retest of the $1.09 resistance level may signal a reversal.
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