Mirana Wallet Moves 72M ENA to Binance Amid Concerns
Key Takeaways
- A wallet linked to Mirana Ventures has deposited 72.17 million ENA worth 21.45 million USD on Binance.
- The current ENA price is 0.295 USD, fluctuating within a narrow range between 0.28 and 0.31 USD.
- On-chain data indicates a predominantly negative investor sentiment.
- Despite this, demand in the spot market remains stable, suggesting potential short-term price movements.
Major Investor Causes Unrest
A wallet associated with the investment firm Mirana Ventures recently transferred over 72 million ENA tokens to the crypto exchange Binance. Such movements often indicate selling intentions, which raises concerns among many investors. The deposit followed several smaller transfers, suggesting a coordinated action.
However, such a transfer does not necessarily mean an immediate sale. What matters is how the market responds to the increased supply.
Weak On-Chain Data Undermines Confidence
Blockchain data paints a clear picture: over 56% of ENA holders are currently at a loss. The so-called “In the Money” value stands at –43.21%, indicating low holding willingness.
Additional metrics confirm the negative trend:
- The concentration of large wallets has decreased by 0.03%.
- Large transactions have dropped by over 7%.
- The network has grown by only 0.89%, indicating weak user interest.
These figures point to an overall cautious market sentiment.
Technical Analysis: ENA in a Tight Range
The current ENA price is 0.295 USD, placing the token within a key supply zone between 0.28 and 0.31 USD. This zone has historically acted as both support and resistance.
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The Stochastic RSI (Relative Strength Index) stands at 10.81 – a value that indicates an oversold market condition. This could lead to a short-term recovery. However, the broader downtrend remains intact. A sustained breakout above 0.31 USD would be necessary to initiate a new upward movement.
Spot Market Shows Buying Interest Despite Negative Indicators
On June 6, the ENA spot market recorded inflows of 13.15 million USD and outflows of 14.05 million USD – a slightly negative net result. Nevertheless, the so-called Spot Taker CVD (Cumulative Volume Delta) over a 90-day period shows buyer dominance. This means that market participants continue to actively place buy orders.
This discrepancy between weak on-chain data and strong spot market demand could lead to short-term price movements – depending on which side gains control.
Liquidation Zones Point to Potential Volatility
A look at Binance’s liquidation data shows: starting at a price of 0.305 USD, a zone begins where many short positions (bets on falling prices) could be liquidated. If the price rises above this level, a so-called short squeeze could follow – a sudden price surge caused by the closing of short positions.
On the downside, long liquidations threaten below 0.28 USD. This setup increases the likelihood of strong price movements in both directions.
Our Assessment
Despite the large transfer by a Mirana-linked wallet, the market remains resilient. The technical setup suggests a possible short-term recovery, especially if the price breaks above the 0.305 USD mark. At the same time, the risk of a fallback below 0.28 USD remains.
For you as a trader or investor, this means: closely monitor the price development. A breakout from the current price range is likely to determine the direction for the coming days. The combination of oversold conditions, buying pressure in the spot market, and potential liquidations currently makes ENA an exciting but high-risk asset.
Sources
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