Death Crossover In RSI: Is ENA Price Heading for A New ATL

• The ENA price has slipped below the 20-day EMA, indicating a bearish forecast.
• Ethena token’s price has declined by 51% since June, showing bears’ dominance.

The ENA price has witnessed strong selling pressure since mid-April and has lost 71%. In June, the Ethena crypto price witnessed free-fall momentum without any hindrance. 

Since March, the price has remained below the 20-day EMA. However, it tried once to exceed the moving average but failed to sustain for longer.

The chart structure displayed that the Ethena price has created a bottom in the $0.400 territory. After bottom formation, the price gained bullish momentum but was still disturbed by the 20-day EMA.

The ENA crypto price has declined in a broader time frame by forming lower and lower lows. At press time, the price extended to the lower high territory. 

Based on the technical indicators, the RSI generated a bearish crossover with the RSI-based moving average. The Ethena price traded below the key moving averages.

ENA Price Lost Support Level; What’s Next?

A source on X suggested that the ENA crypto price slipped below a crucial support level in a 4-H time frame. Buying pressure was expected at the $0.4600 level, but sellers dragged the price down.

$ENA #ENA Lost 4h support
next play in place#BTC pic.twitter.com/VeSfywYYPx

— MaKiNG PrOGrESs TrADeS (@indemaking) July 23, 2024

In a 4-H time frame, the Ethena price rose by taking support on the trendline. After the breakdown, the price approached the supply zone, which was also a trendline.

Will the ENA Price Rebound or Keep Falling Further?

At press time, the Ethena crypto traded at $0.431 with a neutral momentum for the past 24 hours. The market capitalization was $735.50 Million, and the 24-hour trading volume was $78.31 Million.

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Ethena price chart witnessed weakness and fall by generating lower lows and lower highs. The price wandered in the lower high territory. However, it has shown strength and risen by taking support on a small ascending trendline.

Suppose the price slips below the trendline; sellers may become confident with the lower high swing. Both factors may affect the price negatively, and the sellers may be eyeing for a new lower low.

Alternatively, sellers might panic if the price supports the trendline. Assuming the price surpasses the 20-day EMA, buying pressure can be expected. It may result in shifting the momentum to the buyers.

Will the ENA Price Keep Falling, or is Trend Reversal Anticipated?

ENA price has experienced significant bearish pressure. The price has slipped below key support levels, showing a pattern of lower lows and lower highs. 

The RSI has generated a bearish crossover, and the price has struggled to sustain gains above the 20-day EMA. 

However, there are indications of a potential bottom formation around the $0.400 territory, and the price has shown bullish momentum.

Technical Levels

In the Ethena crypto price, the bullish momentum can be interrupted near the $0.500 and $0.675 levels. The price is expected to take support at $0.420 and $0.370 mark.

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.