Donald Trump -supported World Liberty’s Altcoin Ethena‘s (ENA) price has fallen to 10 percent in the last 24 hours. This decrease was due to the combination of a significant amount of CoIN to the stock market in Altcoin, the lack of technical resistance levels, and the combination of the downward trend in the crypto currency market. Altcoin has been struggling with the sales pressure of large investors and the decrease in optimism throughout the market.
Whale Movements and Investor Psychology in Altcoin
Mirana VentureA wallet, which was reported to be linked to S, transferred 72.17 million ENA to the Binance Exchange on June 6 (about $ 21.45 million). This large -scale stock market entry coinHe fueled his concerns that the s will be offered for sale in a short time and that he would create a serious sales pressure in the market. These concerns became the main trigger that accelerated the decrease in the price.
LAST MONTHLY DATAS EnaHe already showed that their assets were reduced. The amount of coins in the hands of the whale level investor group decreased by 3.63 percent, while the amount of coins in the hands of medium -sized investors increased by 19.15 percent and the amount of coins in the hands of small investors increased by 10.44 percent. This is the big players altcoinIt points to a table where it is on sale and smaller players are purchased. In addition, approximately 94 percent of existing ENA investors keep their coins either at a loss or at the beginning. This is a psychological pressure that strengthens the sales trend.
What do the technical indicators say for Ena Coin?
ENA COIN The price could not hold above the support level of $ 0.355, which is a technically important level, and fell below the 50 -day simple moving average (about $ 0.348). The 14 percent decrease in transaction volume ($ 245 million) is an indication that the acceleration required for the rise is weakened. In particular, the range of $ 0.41 to $ 0.41 corresponds to the head of approximately 69.08 percent of existing investors. This December means a region in which the price tries to rise with intensive sales pressure.
While technical indicators give mixed signals (Macd Histogram turns positively, the MACD line is still below the signal line) general market conditions are also very challenging for ENA. The general optimism indicator of the crypto currency market Fear and greed index From the previous day’s 65 level to 61 (still in the “greed” zone). Bitcoin 
$107,041.02‘s market domination increased by 2.35 percent this week, while Altcoins generally fell. ENA’s 30 -day correlation coefficient with Bitcoin increases to a high level of 0.78. crypto currencyIt means that the decreases in ENA directly affect ENA.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
