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- The Ethena crypto price has dropped by 33% in the past 3 days.
- A fake breakout in ENA crypto has caused a huge loss of 65% in a month.
The ENA price has witnessed strong selling pressure over a daily time frame. The digital asset price has dropped by 67% in a month, which indicates the bears’ dominance. The current cryptocurrency market sentiment is bearish, negatively impacting the ENA price.
In May, the Ethena crypto price attempted 4 times to overcome the $0.95 mark. The price triggered a breakout but couldn’t hold for longer and turned into a fake breakout.
The fake breakout has led to more than 60% selling pressure. However, it has dragged down the price and recorded a new all-time low (ATL).
Based on the technical indicators, the ENA price traded far below the key moving averages at press time. The RSI is 23 and continuously heading toward the oversold zone.
Performance
This data indicates that the Ethena price has remained positive in the long term, but sellers have dominated in the short term. It has increased by 28.80% in a year but has dropped by 62% in the past 3 months.
ENA Price Has Lost 65% Last Month and Reached a New All-time Low; Blood Bath?
ENA crypto traded at 0.375 at press time, with an intraday gain of 7.07%. The market capitalization was $644.39 Million, and the 24-hour trading volume was $126.44 Million. The circulating supply is 1,710,937,500 ENA, and the fully diluted market cap is $5.64 Billion.
According to the chart structure, the Ethena crypto price witnessed a significant fall, and the sellers are in charge. It seems that the ENA crypto price is lacking in forming a base.
The buyers may participate if the digital asset price forms a base and bounces back. Strong buying pressure can be expected if the price surpasses the 20-day EMA. A rise in trading volume during the base formation would be a key factor.
On the other hand, if the buyers fail to bounce back the price and are unable to form a base, sellers may continue.
Is a Short-term Bounce Back in ENA Expected?
Opening 10x LONG position on ENA at 0.3758113
— ProfitMaster – 98% Win Rate (@ProfitMasta) July 5, 2024
Transparency Report
Win: 12 | Lose: 0 | Total PnL: 709.00%
Join Whales: https://t.co/p3wlxlYCmm$ENA #ENA #ENAUSD #ENAUSDT pic.twitter.com/diUNDkpkdF
A source on X claimed a short-term bounce back with a 12 out of 12 winning ratio. He has opened a 10x LONG position at $0.375. As per the chart structure, the ENA price has recovered in the 15-minute time frame.
ENA Price at All-time Low; Will It Rebound or Keep Falling?
The ENA cryptocurrency has experienced a significant price drop, reaching an all-time low. The market sentiment is bearish, with strong selling pressure dominating the market.
The technical indicators suggest that the ENA price is trading well below key moving averages, with the RSI indicating oversold conditions.
If the price forms a base and bounces back, it may attract buyers, especially if it surpasses the 20-day EMA with increased trading volume.
Technical Levels
Ethena crypto price is expected to face resistance from $0.675 and $0.950. The price may take support at the imaginary support levels of $0.300 and $0.200.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
