ENA Whale Gets Liquidated on HyperLiquid | Credit: Veronica Cestari
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Key Takeaways
A wallet linked to Andrew Kang was liquidated on an ENA long on Hyperliquid.
The ENA price has reversed since then, breaking out from a diagonal resistance.
Has ENA started a bullish trend reversal, or will the price return to its lows?
Ethena’s (ENA) volatile week took another turn after wallets tied to Andrew Kang got wiped out for millions on Hyperliquid.
The sharp drop triggered a chain reaction, sending prices below key support levels before bouncing back.
However, ENA has bounced significantly and broke out from a diagonal resistance, raising hope that a trend reversal is underway.
ENA Whale Liquidation
The ENA price decline yesterday caused a whale to lose $2.91 million, completely wiping out both his wallets.
While not confirmed, the wallets are linked to Andrew Kang, who has been wiped out on ENA several times on Hyperliquid this week.
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The ENA price still trades below a diagonal resistance trend line. Although the bounce has been significant, neither the Relative Strength Index (RSI) nor the Moving Average Convergence/Divergence (MACD) has broken out from its bullish thresholds.
The RSI is at 50, while the MACD is nearly 0; therefore, a breakout from the diagonal resistance would take them into bullish territory.
However, until that happens, the ENA price prediction remains bearish.
Final Thoughts
While ENA’s rebound from the liquidation lows looks promising, the price still faces significant resistance.
Momentum indicators have not yet confirmed a bullish shift, leaving room for another pullback.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
