$ENA facing decline at $1.4

The newly token #ENA by Ethena Labs facing a decline twice within 24 hours, the decline was at $1.4 (on 1h chart can be seen clearly).

Why ENA facing decline? It’s because the holders keep selling their tokens instead of holding it, and there is 2 reasons for that as far as i can simplify it.

1. Airdrop hunters: people getting ENA for free due to their activities on the blockchain, so they sell it for instant profits.

2. FOMO: people bought ENA early, and they selling it to buy new tokens that listed on the market. They think they may missing an opportunity for fast profits to become a millionaires.

Reason 1 i can understand it, but reason 2 that is the weirdest thing i ever seen. Because doing this will make you lose potential profits that in case you didn’t sell your tokens on loss already.

Anyway, if ENA breaks the decline level it may reach $3 to $5 in few days to test the second decline for higher price. So, if you are thinking to buy ENA best price will be around $1.2

But, if ENA start dropping below $1 several times before breaking the decline level, it will look like #AI , #XAI and others.

ℹ️ As usual, this is not financial advice nor recommendation. It’s personal prediction only.