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The Ethena price plunged over 10% in the last 24 hours to trade at $0.7929 as of 3:55 a.m. EST as investors offload their holdings in the crypto on the market.
This drop in the ENA price comes as BitMEX founder Arthur Hayes started decreasing his exposure to the crypto in recent weeks. After depositing 7.85 million tokens to Binance on Dec. 21, 2024, on–chain analytics platform Lookonchain flagged another massive deposit made in the last 24 hours.
According to the firm, Hayes sent 7.85 million ENA, valued at $6.46 million, to Binance and Bybit.
Arthur Hayes(@CryptoHayes) deposited 7.85M $ENA($6.46M) to #Binance and #Bybit again 15 mins ago.https://t.co/lwQqYTPbua pic.twitter.com/ah9FZaj6wg
— Lookonchain (@lookonchain) January 13, 2025
Ethena Price Resting On A Critical Support
4-hour chart for ENA/USD (Source: GeckoTerminal)
The Ethena price has been in a consolidation range between $0.7932 and $0.9384 over the past few days. In recent hours, the altcoin’s price has started to drop towards the lower boundary of this sideways channel. Should ENA fall below $0.7932 within the next 12 hours, it could be at risk of plunging to the subsequent support level at $0.6661.
On the other hand, a rebound from the $0.7932 support in the coming hours could mark the end of the Ethena price’s drop. Traders will likely start to enter into long positions for the altcoin in this alternative scenario. This potential buy volume could then lead to a test of the upper boundary of the current price channel at $0.9384.
Continued backing from bulls should the Ethena price break above $0.9384 might then lead to a climb to as high as $1.0801 in the short term.
Technicals Warn The Ethena Price Might Continue To Drop
From a technical perspective, indicators on the crypto’s 4-hour chart warn the Ethena price might drop in the coming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.
A major bearish technical flag was triggered by the MACD in the last couple of hours. During this period, the MACD line crossed below the MACD Signal line. Traders usually see this technical event as an indication that a crypto has entered a negative cycle. With the gap between the two lines growing, it seems bears’ momentum is picking up steam as well.
Meanwhile, RSI readings have fallen from just below the neutral 50 benchmark to extreme oversold territory below 30. Although the current low reading could be seen as a buy opportunity, it is not unusual for the indicator to remain this low when a crypto is being dumped by traders. The negative slope of the RSI line suggests this might be the case now.
As sellers maintain their control over the Ethena price, the presale for crypto wallet token Best Wallet (BEST) has managed to raise over $7 million. Crypto Gains, a popular YouTuber with more than 141K subscribers, says BEST could surge 10X after its launch.
The Ultimate Crypto Storage Solution
Best Wallet is a crypto storage solution that comes with all of the functionality and features investors will ever need to manage, secure and grow their digital asset holdings. Some of the project’s standout features include the ability to seamlessly swap from one crypto to another, the option to stake multiple cryptos within one app, and the option to participate in iGaming projects.
Investors can also rest-assured that their assets are safe, given the wallet’s non-custodial nature. This means that only users have access to their private keys, making Best Wallet a much safer option for crypto storage than a centralized exchange platform.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… 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 updates on key projects. With this information easily accessible, investors can stay ahead of the curve in the digital asset space.
Investors can also unlock additional features within the Best Wallet app by purchasing the project’s native BEST token. By simply holding the crypto, investors will gain early access to new projects, unlock reduced transaction fees as well as higher staking rewards, while simultaneously being allowed to participate in the project’s governance.
Investors Bet Big On BEST’s Future
With the range of features on offer within the Best Wallet ecosystem, it’s easy to see why investors have already poured over $7 million into the project’s ongoing ICO. There is also a 269% staking APY on offer to presale buyers, which might be another factor pulling investors in at this early stage.
Anyone can get in on these rewards by purchasing BEST through the widget embedded on the project’s website. Thereafter, investors will just need to put their tokens to work through the staking page on the website to start earning the passive crypto rewards.
Purchase and stake BEST here for the 269% APY.
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