Despite the excitement surrounding Coinbase's listing, Ethena's price plummets by 8%, finding critical support.
📁 Cryptocurrency News: Ethena's dilemma at the $0.30 support as a whopping $50M tokens hit the market 💰
Ethena's price is matchmaking with a critical milestone at $0.30, Jimmy Jazz! With over $50 million worth of ENA tokens making a ruckus in the open market, folks are wondering if this support level will hold tight.
After a quick bump from the $0.28 low to $0.35, Ethena's price is backpedaling, chillaxing at around $0.30 as we speak. The 24-hour trading volume clocks in at $245 million, boasting a robust 15% increase. The $0.30 mark is now oh-so-important as Ethena sets sail to release $52.97 million worth of tokens over the coming seven days.
Whether this support is strong enough to stand up to the selling storm from this token blitz and keep ENA from sliding back toward the key level of $0.25 remains to be seen.
$0.30 contests its throne: ENA price hits the fan as Coinbase listing ushers in uncertaintyIt's not all doom and gloom, my friend! The $0.30 level once played a key role in launching a massive 100%+ surge to $0.67 last November. This suggests substantial buyers lurking at this price point, ready to swoop in and counterbalance some of that pesky sell pressure from the $50 million worth of ENA tokens about to knock on the market's door. If this support holds firm, ENA will probably settle here or even pump back up. But if Ethena slips under $0.30, there's potential for a further dive to $0.25.
Factoring in the upcoming Coinbase listing of ENA and other snazzy developments in the project—take, for example, Ethena Labs' team-up with Securitize to roll out Converge—it looks like ENA is highly unlikely to go busting below the $0.25 mark. The price took a nosedive under that level only once, smashing its all-time low of $0.19 in September last year, hinting that $0.25 has proven to be a sturdy floor.
Weekly token unlock bonanza: $369M on the loose for TAIKO & NEON, who'll bear the heaviest brunt?
With a ton of token unlocks set to drop this week—$369 million, to be exact—TAIKO and NEON are gearing up to feel the weight of the sell-off. We'll have to keep an eye on this drama to see which currency's gonna feel the burn. 🌶️
- The $50 million worth of ENA tokens entering the market is causing uncertainty, especially at the critical support level of $0.30.
- The recently announced Coinbase listing of ENA may impact the price, adding an unpredictable factor to Ethena's current position near $0.30.
- Ethena Labs' partnership with Securitize to roll out Converge could bolster ENA's value and potentially prevent it from falling below the key support level of $0.25.
- This week, over $369 million in tokens are set to be unlocked for both TAIKO and NEON, which could cause significant sell-off and potentially impact the performance of these cryptocurrencies.
- Binance and other popular crypto exchanges, like Coinbase, play a key role in shaping the markets for various coins, such as ENA or TAIKO, by facilitating buying and selling activities that can impact token prices.
