$ENA from 0.09299 to 0.08515 in one fell swoop, down 8.5%. The huge sell-off bearish candle of 239 million lots at 12:00 noon on July 24, which was directly smashed from 0.08849 to 0.08515, a drop of 3.7%. This is the largest single-candle trading volume in recent times—the main force is distributing. After the sell-off, the price rebounded with no strength, only returning to around 0.087.
ENA is the token of Ethena, a synthetic U.S. dollar protocol, and the issuer of the USDe stablecoin. In the DeFi sector, ENA is considered a star project, but even star projects are not immune to being dumped. When the broader market is weak, DeFi tokens are often the first to be sold—because they are the altcoins with the best liquidity.
Market signals.
0.09299 is the recent high, occurring at 16:00 on July 22. After that, the highs stepped down one by one: 0.09299, 0.09227, 0.09186, 0.09138, 0.08778. Five steps. The lows also moved down in sync: 0.08975 to 0.08852 to 0.08778 to 0.08515. The 4H timeframe has been in a downtrend for two days, with a very steep slope. 0.08515 is the 24H low, just tested. If it breaks, the area around 0.083 would be the previous support.
Market sentiment.
Funding rate -0.00000009%. Nearly zero. Bulls and bears are not interested. ENA, as a DeFi star token, should normally have relatively steady long-short competition. But with the rate at zero, it indicates speculative funds are retreating. The market is waiting and watching, awaiting direction from BTC. Without catalysts, ENA can only look for support within the old range.
Whale movements.
The 239 million-lot expanded-volume bearish candle at 12:00 on July 24 smashed price from 0.08849 down to 0.08665. This is the largest single-candle trading volume recently. The main force actively hit the market to test the buy support below. After the dump, the price continued sliding to 0.08515. The whales are gradually pressing down the price, seeking a cheaper level to build positions. The 279 million-lot bullish candle at 16:00 on July 22 lifted price to 0.09299 — the last wave of active pumping. After that, all candles have been running on reduced volume.
Volume-price structure.
Downswing with increased volume, rebound with decreased volume. The 239 million-lot sell volume compared to the rebound volume of 80 million to 120 million lots shows a huge disparity. During the decline from 0.09299, the earlier volume-expanding candles (279 million, 379 million, 239 million lots) were the first three for lifting, while the last one was the sell dump. The 379 million-lot bearish candle at 12:00 on July 23 was the turning point; from then on, ENA began its downward trend. If 0.08515 is broken through, there is no dense trading zone below near 0.083, making it easier for the sell-off to accelerate.
Candlestick details.
That long bearish candle at 12:00 on July 24 had a body of 184 basis points and almost no upper wick. Sell orders dominated from the open to the close. Then the rebound candle at 16:00 on July 24 rose to 0.08778, with a very small body—only 83 million lots. The rebound on reduced volume lacked strength. The current 4H candle is around 0.08723 with trading volume of only 1.78 million lots. Trading is thin; the market is waiting for direction.
Nini’s plan.
Slightly bearish.
Current price 0.08723. If it breaks below 0.08515, go short with target 0.08300 and stop-loss at 0.09000. If it breaks out above 0.09000 with volume and holds, abandon the short and observe. Do not open positions in the middle area.
#ENA #ENA #Ethena
ENA is the token of Ethena, a synthetic U.S. dollar protocol, and the issuer of the USDe stablecoin. In the DeFi sector, ENA is considered a star project, but even star projects are not immune to being dumped. When the broader market is weak, DeFi tokens are often the first to be sold—because they are the altcoins with the best liquidity.
Market signals.
0.09299 is the recent high, occurring at 16:00 on July 22. After that, the highs stepped down one by one: 0.09299, 0.09227, 0.09186, 0.09138, 0.08778. Five steps. The lows also moved down in sync: 0.08975 to 0.08852 to 0.08778 to 0.08515. The 4H timeframe has been in a downtrend for two days, with a very steep slope. 0.08515 is the 24H low, just tested. If it breaks, the area around 0.083 would be the previous support.
Market sentiment.
Funding rate -0.00000009%. Nearly zero. Bulls and bears are not interested. ENA, as a DeFi star token, should normally have relatively steady long-short competition. But with the rate at zero, it indicates speculative funds are retreating. The market is waiting and watching, awaiting direction from BTC. Without catalysts, ENA can only look for support within the old range.
Whale movements.
The 239 million-lot expanded-volume bearish candle at 12:00 on July 24 smashed price from 0.08849 down to 0.08665. This is the largest single-candle trading volume recently. The main force actively hit the market to test the buy support below. After the dump, the price continued sliding to 0.08515. The whales are gradually pressing down the price, seeking a cheaper level to build positions. The 279 million-lot bullish candle at 16:00 on July 22 lifted price to 0.09299 — the last wave of active pumping. After that, all candles have been running on reduced volume.
Volume-price structure.
Downswing with increased volume, rebound with decreased volume. The 239 million-lot sell volume compared to the rebound volume of 80 million to 120 million lots shows a huge disparity. During the decline from 0.09299, the earlier volume-expanding candles (279 million, 379 million, 239 million lots) were the first three for lifting, while the last one was the sell dump. The 379 million-lot bearish candle at 12:00 on July 23 was the turning point; from then on, ENA began its downward trend. If 0.08515 is broken through, there is no dense trading zone below near 0.083, making it easier for the sell-off to accelerate.
Candlestick details.
That long bearish candle at 12:00 on July 24 had a body of 184 basis points and almost no upper wick. Sell orders dominated from the open to the close. Then the rebound candle at 16:00 on July 24 rose to 0.08778, with a very small body—only 83 million lots. The rebound on reduced volume lacked strength. The current 4H candle is around 0.08723 with trading volume of only 1.78 million lots. Trading is thin; the market is waiting for direction.
Nini’s plan.
Slightly bearish.
Current price 0.08723. If it breaks below 0.08515, go short with target 0.08300 and stop-loss at 0.09000. If it breaks out above 0.09000 with volume and holds, abandon the short and observe. Do not open positions in the middle area.
#ENA #ENA #Ethena