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- The Ethena price has declined by 35% in the past 10 days.
- A death crossover has been generated between the RSI and the RSI-based moving average.
The ENA price has displayed bearish momentum for the past few months and has lost around 60% in the last 2 months. The price has been falling by forming lower lows and lower highs.
After its launch, the Ethena price skyrocketed and recorded an all-time high of $1.52 on April 11, 2024. It was unable to retain the high and gained bearish momentum. The price has slipped below the 20-day exponential moving average, which showcases the bearish forecast.
At press time, the Ethena price traded at $0.712 with neutral momentum for the past 24 hours. The market capitalization is $1.08 Billion, and the 24-hour trading volume is $108.76 Million. The circulating supply is 1,520,312,500 ENA, and the total supply is 15,000,000,000 ENA.
Rebound From the Major Support Level?
$ENA bouncing over the main support, looking good so far: pic.twitter.com/oejqnIvJL2
— Crypto Rand (@crypto_rand) June 13, 2024
A source on X suggested that the Ethena price has dropped to a significant support level as the price is falling by forming lower lows and lower highs. The ENA price has formed a lower low and taken support at the main support level. The digital asset price is set to record a new lower high.
Fake Breakout Has Witnessed Strong Selling Pressure; What’s Next?
The Ethena price has triggered a breakout from the major resistance level of $0.9500 but failed to sustain itself. It has slipped below the $0.9500 level and displayed more than 30% selling momentum.
The ENA price has dropped to the previous support level of $0.670, forming a long-legged doji candlestick pattern. Suppose the price forms a bullish candlestick pattern at the last swing low; buyers may show interest.
The digital asset price over the 20-day EMA might invite buyers, which may result in buying pressure. If the trading volume supports this bullish momentum, buyers may be eyeing the $1 mark.
On the other hand, if the Ethena crypto price starts trading below the $0.9500 level, strong selling pressure can be expected and may record a new all-time low.
According to the technical indicators, the Ethena price is trading below the key moving average, which indicates the bears’ grip. The histograms have flipped to red, and MACD has generated a death crossover with the Signal line. The technical indicators are in favor of a bearish forecast.
Conclusion
The ENA crypto price has been in a bearish trend after a significant pump at the beginning of April. After a fake breakout, the Ethena price dropped by more than 30%, taking support from the previous support level of $0.670.
The breakdown from this level may lead to a bearish trend, while a bounce back may help extend the price to the $1 mark. Here, trading volume may play a vital role.
Technical Levels
The Ethena price is expected to face resistance from the $0.940 and $1.50 levels. The price may take support on the $0.670, and an imaginary support level would be $0.500.
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.
