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Ethena

In the ongoing bearish market sentiment where top cryptocurrencies are either consolidating or experiencing downside momentum, amidst this, a crypto whale made a significant loss of over $2.71 million in Ethena (ENA). Today, an on-chain analytic firm, Lookonchain, made a post on X (previously Twitter) that a crypto whale who initially accumulated a massive 9.33 million ENA tokens worth $10.47 million, currently sold the majority of ENA holdings at a loss of $2.71 million. Crypto whale made $2.71 million loss in ENA token 
According to theLookonchain post, on April 5, 2024, this whale withdrew a massive 6.01 million ENA tokens worth $5.71 million with an average price of $0.95 from the world’s biggest cryptocurrency exchange, Binance. However, this was the time when ENA was launched and it was also praised by Arthur Hayes, co-founder, and ex-CEO of BitMEX. Following this, the ENA token price massively soared. 
Once the ENA price reached the $1.44 level, on April 10, 2024, the whale withdrew an additional 3.32 million ENA tokens worth $4.76 million from Binance. This whale staked all of his holdings but unfortunately, ENA price started falling following the release of the United States CPI data (Consumer Price Index).
However, on April 25, 2024, when the ENA price gave the breakdown and a daily candle closed below the major resistance zone near the $0.91 level. Following this incident on the daily chart, this whale began unstaking ENA and started selling at a loss. So far, he has deposited a massive $8.33 million of ENA tokens worth $6.94 million into Binance with an average price of $0.83 and booked a loss of over $2.71 million. At the time of writing, this whale currently holds a massive 1 million ENA tokens worth $823K. ENA technical analysis and key levels 
Currently, ENA is trading near the $0.83 level, and in the last 24 hours, it remained stable, not experiencing any significant moves. If we look at the performance of ENA over a longer period, in the last 7 days, ENA tokens experienced a 10% downside momentum. Whereas, in the last 30 days, it experienced a massive over 35% downside momentum.
According to expert technical analysis, ENA is trading near a strong support level of $0.76, and on a daily time frame, it is looking bullish. In the coming days, there is a high potential that the <a href="https://news.todayq.com/whale-buy-6-mln-ena-tokens-at-fib-38-level-good-entry-signal/" rel="noopener noreferrer nofollow">ENA price could surge</a> more than 15% and hit the $0.93 level, which is ENA’s strong resistance level.

Ethena whale makes $2.7M loss in panic selling, here’s how

Todayq News

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