Ethena Stalls at $0.10 Resistance Amid Weak Demand

Ethena (ENA) price action is facing stiff resistance at $0.10 as indicated by its recent price movement and trading volume.

The altcoin's price dropped 3.9% in the past 24 hours, with a significant decline in daily trading volume of 41%. However, this may be attributed to the onset of the weekend, which could have led to reduced market activity.

Despite reports of whale accumulation, specifically Arthur Hayes' purchase of 22.64 million ENA worth $2 million and a wallet linked to Amber Group buying 38.89 million ENA for $3.58 million, exchange netflows remained weak. This indicates that more ENA is being moved onto exchanges than leaving them, suggesting weak demand.

The price action analysis suggests that Ethena's buying pressure is lacking, and a rally to the Fibonacci retracement levels may not occur. Instead, a sweep of the $0.098 highs or just above the $0.10 round-number resistance could be expected before a bearish move.