ENA Price Holds 25% Weekly Gain Amid Correction
Ethena's ENA price continued to hold onto its impressive weekly gain of about 25% on Aug. 27, despite some correction from its recent high. The token traded near $0.147 after failing to sustain a move above $0.180, which it reached briefly earlier in the week.
The sharp breakout met resistance at $0.180 and resulted in an 18% pullback from that level. ENA's price correction occurred even as the relative strength index (RSI) reached 88 during the initial rally, indicating overbought conditions and raising the probability of profit-taking.
The token concentration adds another risk factor, with the 100 largest ENA wallets controlling roughly 90% of the circulating supply. This means decisions by a relatively small group of holders may have an outsized effect on short-term price action.