ENA is down 16% in a week — while the stablecoin it powers keeps growing. I'm watching the gap between the two.
Camp one says the selling is done. The $0.156 low held twice — Nov 5 and Nov 7 — and the Nov 5 unlock, 171.85 million tokens, about $29M, was absorbed. USDe keeps expanding: X Layer, OKX Wallet, past $100M on Monad.
Camp two says the bid underneath is switched off. ENA buybacks only start once USDe supply passes $7.5 billion — it's near $4.9 billion. Every bounce has been sold: Nov 6 topped at $0.1718, Nov 7 volume faded to $10.4M, and ENA sits under its 10-day at $0.1726 and 20-day at $0.1868.
I'm with the level, not a camp: the $0.153–$0.156 zone is being tested for the third time. Support sits in that zone, resistance at $0.165–$0.172. A daily close under $0.153 kills the bull camp — then the unlock was the start, not the end.
Who's still holding ENA into this retest — and what would make you let it go?
NFA, DYOR.
$ENA #Ethena #USDe #Stablecoins #DeFi #CryptoTrading
Camp one says the selling is done. The $0.156 low held twice — Nov 5 and Nov 7 — and the Nov 5 unlock, 171.85 million tokens, about $29M, was absorbed. USDe keeps expanding: X Layer, OKX Wallet, past $100M on Monad.
Camp two says the bid underneath is switched off. ENA buybacks only start once USDe supply passes $7.5 billion — it's near $4.9 billion. Every bounce has been sold: Nov 6 topped at $0.1718, Nov 7 volume faded to $10.4M, and ENA sits under its 10-day at $0.1726 and 20-day at $0.1868.
I'm with the level, not a camp: the $0.153–$0.156 zone is being tested for the third time. Support sits in that zone, resistance at $0.165–$0.172. A daily close under $0.153 kills the bull camp — then the unlock was the start, not the end.
Who's still holding ENA into this retest — and what would make you let it go?
NFA, DYOR.
$ENA #Ethena #USDe #Stablecoins #DeFi #CryptoTrading
