BNB Prepares for ENA Listing Amid Sell-Off

Ahead of the anticipated ENA listing on Binance, a sell-off trend is evident in BNB. The order book reveals a surplus of sellers compared to buyers, indicating a concerted effort to break even. Consequently, the market experiences a momentary price depression due to the abundance of sellers.

While shorting BNB presents a potential profit opportunity, the availability of BNB for borrowing is limited, attributed to the successful launch pool. This scarcity in borrowing options complicates shorting strategies.

Projections suggest that BNB could dip into the $575-$580 range amidst the ongoing sell-off and in anticipation of the ENA Launchpad event. Early indicators hint at a significant price correction both pre-launch and shortly post-Launchpad event.

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