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ENA is down -6.26% today at $0.15910, after hitting a 24h high of $0.16995 and a low of $0.15675. The chart is showing clear weakness: EMA5 ($0.15895) and EMA10 ($0.15941) are both below the current price, but price is trading below EMA30 ($0.16116) – a bearish structure. MACD is negative at -0.00012, with DIF (-0.00126) below DEA (-0.00113), confirming the downtrend. Volume is declining, with MA10 (1.74M) well above MA5 (1.46M), indicating sellers are still in control.
Now here's what the news says: **Ethena Labs just reached a record $1.647 billion in USDe supply**, and they've announced a successful security audit – but the market is not impressed. The tokenomics model is under scrutiny because many expect **75.7 million ENA tokens to be unlocked on September 9**, just one day away. This is a massive overhang that's likely pressuring the price. The token has been in a persistent downtrend since its March launch at $0.50, and the risk of a further drop is real.
Trading Plan:
· Entry: $0.1590 – $0.1591
· Stop Loss: $0.1640
· TP1: $0.1550
· TP2: $0.1500
· TP3: $0.1460
👇 With the token unlock looming, do you think ENA will find support or break lower? Drop your analysis below!