Declining exchange activity causes ENA to plummet by 17%
Ethena (ENA), the synthetic U.S. dollar protocol developed on the Ethereum network, experienced a significant decline as bearish sentiment dominated the market.
At present, ENA is trading at $0.84, reflecting a 17% drop in the past 24 hours. The cryptocurrency’s market cap has fallen to $1.2 billion, ranking it as the 68th-largest digital asset.
Additionally, Ethena’s daily trading volume has decreased by 14.5%, currently standing at approximately $618 million.
Data provided by Santiment reveals that Ethena witnessed a net outflow of 9.18 million tokens from all exchanges in the past day. Furthermore, the daily exchange inflow decreased by 73.5%, dropping from 72.89 million ENA to 19.28 million ENA.
According to the market intelligence platform, the exchange outflow also experienced a 44% decline, falling from 50.72 ENA to 28.46 million ENA.
These trends indicate a significant decrease in the number of traders and investors seeking profits, resulting in lower price volatility, which is typically associated with more stable market conditions.
Santiment’s data also reveals that the number of daily active addresses has consistently decreased over the past nine days, dropping from 20,922 on April 9 to 2,341 active addresses per day at the time of reporting.
The ENA Relative Strength Index (RSI) has fallen from 60 to 44 in the past 24 hours, according to Santiment. This suggests that Ethena may be slightly undervalued at its current price and could potentially experience a bullish momentum if there is an upward acceleration.
To maintain a bullish position, ENA’s RSI would need to remain below the 50 mark.
