📉 Ethena [ENA] Struggles to Maintain Gains
Ethena [ENA] recently surpassed $1, a level last seen in June 2024, but has since dropped below it. At press time, ENA recorded a 6.26% daily decline, reducing its weekly gains to 12.85%. Sentiment indicators suggest further losses may be ahead.
⚠️ Ascending Channel Breakdown
ENA broke below an ascending channel as bearish sentiment took over, leading to increased selling pressure. The breakdown could see ENA pause at $0.8888, but if declines persist, key support zones at $0.6852 and $0.5826 could come into play, erasing over half its recent gains.
📊 Bearish MACD and RSI Signals
The MACD indicator has formed a “death cross,” signaling potential bearish momentum as the short-term average falls below the long-term average. Additionally, the RSI has dropped to 44.58, below the neutral 50 mark, reflecting increased selling pressure.
💼 Market Favors Sellers
With a long-to-short ratio of 0.8847, there are more sellers than buyers in the market. Over the past 24 hours, long traders lost $1.19 million compared to $95,400 in short losses, suggesting market sentiment favors further downside for ENA.
🚨 Outlook for ENA
If current trends persist, ENA’s price could continue falling, potentially breaching key support levels and extending its decline. Investors should monitor the market closely for further developments.
Top comments (0)