Ethena (ENA), a synthetic U.S. dollar protocol operating on the Ethereum network, has experienced a significant decline in value amid prevailing bearish market sentiment.
ENA has observed a 17% decrease in value within the past 24 hours, with its current trading price standing at $0.84. This downturn has resulted in the asset’s market capitalization dropping to approximately $1.2 billion, positioning it as the 68th largest cryptocurrency by market cap.
Similarly, Ethena’s daily trading volume has decreased by 14.5%, currently amounting to $618 million. Data from Santiment reveals a notable outflow of 9.18 million ENA tokens from all exchanges in the past day, coupled with a substantial decline in both daily exchange inflow and outflow.
The decreasing number of daily active addresses, as reported by Santiment, indicates a declining trend over the past nine days, further corroborating the subdued market activity surrounding ENA. Additionally, the Relative Strength Index (RSI) for ENA has dropped from 60 to 44, suggesting a slight undervaluation of the asset at its current price level.
Despite this, an upward momentum could potentially be triggered, as ENA remains slightly undervalued according to the RSI indicator. However, to maintain a bullish stance, ENA’s RSI would need to remain below the 50 mark.