- Ethena’s (ENA) 24-hour trading volume surged 79.50% to $174.19M.
- The market cap fell 7.70%, setting at approximately $1.13B.
- RSI indicates oversold at 23.31, suggesting a potential rebound.
Ethena (ENA) experienced a bearish turn in the last 24 hours after bullish momentum failed to break through the intraday high of $0.8196. Bears seized control of the market, pushing the price down to an intraday low of $0.738, where it found temporary support.
At press time, ENA’s price was down 7%, trading at $0.7407, which aligned with an overall downward trend in the digital currency market, down by 2.85% to $2.47T in market cap. This downward movement is accompanied by a substantial increase in trading volume, indicating heightened market activity.
ENA/USD 24-hour price chart (source: CoinMarketCap)
During the dip, the 24-hour trading volume for Ethena surged by 79.50% to $174.19 million while the market capitalization of ENA witnessed a decline of 7.70% to $1.13 billion. This suggests that while trading activity increased, the overall market valuation decreased, possibly due to investors selling off their holdings amid price declines.