Bull Season Price Targets Series: Requests from Followers - $ENA - #Ethena
Last Update: 2024-12-14 UTC
$ENA
#Ethena
⭐Tokenomics
Market Cap (MC): $3.34B
Fully Diluted Valuation (FDV): $17.09B
Total Supply: 15B ENA
Max Supply: —
Supply in Circulation: 2.932M ENA - 19.53%
👉Token Unlocks
No new tokens will be unlocked until April 2025. After that, a large one-time amount (13.75% of the total supply) will be unlocked, and then ~1.15% of the total supply will be unlocked regularly every month until April 2028. The amount in circulation by the end of 2025 will be double the amount currently in circulation, which has a long-term price suppression effect.
The price is approaching the April 2024 peak price, we see $ENA has increased almost 5x from its low. It has been one of the best performers during this period.
Unlock Schedule
Upcoming Unlock Events
👀Inflation
Market Cap Change
Price Change
(T0) 2024-04-11
MC: ~$2.09B
Price: ~1.467 USDT
(T1) 2024-12-14
MC: ~$3.34B
Price: ~1.13 USDT
(T1) - (T0)
MC Change: ~ +60%
Price Change: ~ -23%
What Should the Price Be If There Was No Token Inflation During This Period (That is, if there was no increase in supply)?
~1.8 USDT
Although I take my T0 reference date after the last token unlock and I could find no new token unlocks until the T1 date, I do not know where this difference comes from. Those who are interested can research the details and contribute.
👀Since there is no time/time series analysis in target price studies, try to reflect the inflation difference in the period in which you are looking at the relevant prices.
⭐Correlation with $BTC / Category Major(s)
Does the coin/token correlate with BTC during BTC uptrends and downtrends?
We can say that it shows good positive correlation.
💰BTC Pair
The BTC pair is looking good and very similar to the USDT pair. It is rising in a strong uptrend and is currently holding above the key level of 0.00001016, where I expect significant moves to begin above this level.
⭐Price Analysis
👉Recent Period
ENA strengthened the uptrend by breaking the most important level, 0.66, with volume. The middle green box region, which deepened the decline below it, should continue to work as a strong support and make this level an S-R flip zone.
When it closes for a few days above the red box resistance in the 1.04 - 1.11 range that it is currently testing, I think that even if it retests this region with a pushback, movements targeting 1.5 and 2.0+ USDT will begin.
💵Price Targets
👉The medium-term outlook looks quite positive.
👉In the long term, the performance should be re-evaluated according to how strongly and at what level the price will meet the inflation that will occur with the new token unlocks.
👉If it can enter this period as strongly as it is now, I think that even the extreme hype/euphoria period targets that are one or more above the targets I marked as safe can be achieved.
💥Cautions
Nevertheless, remember that during the hottest times of the bull season, very great levels can be reached with #FOMO, but these levels cannot be maintained for long and very sharp corrections are experienced (try to understand by looking at old bull peaks). Manage your risk with these in mind and wait for healthy corrections without increasing your purchases in expensive areas.
My posts are only technical and fundamental comments of mine and express my conclusions based on my own experience.
Since there is no time/time series analysis in target price studies, there is no answer to the questions "When?" or "What will the price be on this date?"
Sharing/analyzing a coin/token does not mean that I like or dislike it, think it will be successful or unsuccessful, support it or not, invest/trade or stay away from it. I analyze it in line with requests and share my individual opinions.
None of my posts or comments are within the scope of investment/financial consultancy and should definitely not be understood in this sense.
You should manage your risk by considering your own financial situation for your investments and trades, do your own research and then take action (DYOR). If necessary, you can even request professional support from authorized persons and institutions to provide consultancy.
👋Hey!
Unlike my social media posts, in addition to majors, here I'm planning to analyze your #altcoins with medium and low market caps too! I'll provide mid-to-long term price targets for the bull season. 🔥
If you are interested, don't forget to follow and share the #altcoins that interest you in the comments! 👊Bull Season Price Targets Series: Requests from Followers - INDEX
