$ENA Unlock Tomorrow (10/5), Final Time to Align the Coordinates.
The unlock is for the remaining investor tokens. They will be released all at once; the official has not disclosed the size.
On the same day, the roughly 3.03 billion ENA held in the StablecoinX locked-term reserve is set to mature. But selling requires first obtaining written approval from the Ethena Foundation, which also has a right of first purchase.
Price moved first: this week ENA fell from 0.272 to 0.239, down about 12%. It’s one of the biggest decliners among the top 40 by Binance spot trading volume; the low on 10/2 was 0.2279.
On the fundamentals side: USDe’s size over the past 30 days has grown by about 16%, reaching $4.9 billion.
Levels: 0.2279 (the low on 10/2) is the first line; below that, watch 0.2036 (the low on 9/22). Overhead resistance is at 0.2521 (the high on 10/2) and 0.265.
Scenario one: if 0.2279 is held on unlock day, it suggests the sell pressure has been absorbed in advance. Scenario two: if it breaks 0.2279 on high volume, it suggests the unlocked supply is still being sold.
Volatility is likely high on unlock day, and leverage will first come down.
The unlock is for the remaining investor tokens. They will be released all at once; the official has not disclosed the size.
On the same day, the roughly 3.03 billion ENA held in the StablecoinX locked-term reserve is set to mature. But selling requires first obtaining written approval from the Ethena Foundation, which also has a right of first purchase.
Price moved first: this week ENA fell from 0.272 to 0.239, down about 12%. It’s one of the biggest decliners among the top 40 by Binance spot trading volume; the low on 10/2 was 0.2279.
On the fundamentals side: USDe’s size over the past 30 days has grown by about 16%, reaching $4.9 billion.
Levels: 0.2279 (the low on 10/2) is the first line; below that, watch 0.2036 (the low on 9/22). Overhead resistance is at 0.2521 (the high on 10/2) and 0.265.
Scenario one: if 0.2279 is held on unlock day, it suggests the sell pressure has been absorbed in advance. Scenario two: if it breaks 0.2279 on high volume, it suggests the unlocked supply is still being sold.
Volatility is likely high on unlock day, and leverage will first come down.