Etheina is a multi -week risk with whales coming out before opening a 171 -meter symbol star-news.press/wp

Ethina increased by more than 140 % in July, but the next distinguished symbol and now threatens the whale by threatening its gains.

According to Crypto.News data, Ethena (Ena) has been trading at $ 0.61 at the time of the press, which represents a 11 % gain over the past 24 hours. The last jump extends to its rally for 30 days to about 142 %. The daily trading volume also increased by 33 %, making Ena the distinctive symbol of the highest performance of this day and placed 41 among all cryptocurrencies depending on the market value.

What led to Etheena’s gathering in July?

Etheena’s gathering in July was not the result of one event, but rather a coordinated accumulation of upward developments by reaching markets, the growth of the protocol, organizational alignment, and whale activity.

according to DevilleTVL has grown from the protocol by 73 % in just 30 days, raising Ethina to the sixth largest DEFI platform in the world. This puts behind two leaders such as AAVE, Lido and EignLayer.

In parallel, the artificial stablecoin of Ethena, USDE, has seen a significant increase in the width. The data indicates that the circulating of USDE increased by 75 % per month, reaching $ 9.3 billion. This increase allowed the FDUSD to be over and become the third largest stablecoin through the market value, and is behind Tether (USDT) and USD (USDC).

Adult holders, or whales, played an important role in fueling the assembly. As Crypto.News mentioned, many whale governor accumulated large quantities of Ena throughout July.

These basics were strengthened by the major incentives earlier last month. On July 11, ETHENA got a Upbit list, the largest exchange of cryptocurrencies in South Korea, enhancing its clarity and liquidity in the Asian market.

Less than two weeks later, Stablecoinx announced a 360 million dollar donation tour, with $ 260 million specially allocated to buying ENA codes. Capital injection is widely created the shock of the short -term demand that accelerated in speeding the price.

On the organizational front, Ethena and Anchorage Digital announced the penetration of compliance on July 24. The artificial dollar, USDTB, has become one of the first stablecoins to meet the requirements of the newly submitted American genius law.

The approach opening code

Despite the strong performance of Ethina in July, the distinctive symbol can soon face the opposite wind as a big opening approaches.

According to the distinctive symbol code Data171.88 million ENA icons, at a value of about $ 104.56 million, is scheduled to open on August 5. This represents about 2.7 % of the current circulating offer about 6.35 billion icons. To date, only 42.3 % lock has been canceled of the total number of 15 billion ENA.

Distinctive code opening often leads to additional sale pressure, especially when market morale is positive. Although not every unlocked icon is sold, raising the width may slow the momentum, especially if traders choose to take advantage of the recent gains.

Ena Dynasty Whales

In addition to concerns, recent data on the series indicates weakening the condemnation among adult holders. Over the past week, the whale governor reduced the Ena’s possession by 30 %, which now reached 37.93 million, according to Nansen. Likewise, the governor of public shapes, which are often used as agents, reduced their shares by 75 %, with balances drop to only 2.54 million of ENA.

Even veteran Arthur Hayes, who accumulated Ena in July, recently sold about $ 4.62 million of the distinctive symbol. he quote Increased macroeconomic risk, including job data in the United States and the slow global credit growth, as reasons to stay away from volatile assets such as encryption.

These discounts may indicate that influential investors reserve profits before an opening event, which expects price pressure in the short term. Low holdings between whales and public governor are often preceded by the market withdrawal, especially when increasing the distinctive supply.

Ena prices analysis

On the daily chart, Ena reached its lowest level from the year to $ 0.23 on June 23. Then I moved to the standard of unification until early July before the start of a strong upward gathering.

Recently, the price is an ascending expansion, a pattern that is usually a decline due to its increasing fluctuations and directional stability. Often this composition is a reflection, especially when it appears after a sharp gathering.

At the time of writing this report, Ena is traded near the support of Wedge at about $ 0.52. A decisive break down this level can emphasize the decline and lead to a wider decline.

Momentum indicators support this weak view. The MACD (blue) signal line has already crossed the MacD (Orange) line, confirming a declining intersection indicating the upward momentum. In addition, the RSI index decreased to 62, still near the peak area, but now indicates the bottom, indicating the power to buy the cooling.

If Ena fails to stick to the level of psychological support of $ 0.47, the price may be vulnerable to more negative aspect. It bounces at this level that temporarily nullifies the declining structure.

However, the collapse can open the door to correct about $ 0.24, while testing its lowest levels in July. An ongoing step below can extend the losses about $ 0.07, which corresponds to the scalp goal involved in the string style.