Ethena (ENA) Teeters at $0.64: Is a Deeper Plunge Imminent?
Ethena's ENA token hovers dangerously close to the $0.64 threshold—traders hold their breath as support weakens.
Technical Breakdown: The Charts Don't Lie
Price action shows consistent rejection at higher levels, with volume drying up faster than liquidity in a leveraged farm. Each bounce gets weaker, each dip deeper. That $0.64 line isn’t just psychological—it’s become the last stand for bulls.
Market Sentiment: Fear Creeps In
Whispers of 'down only' echo through crypto Twitter as open interest shifts. Funding rates flip negative—speculators bet against momentum, hedging like traditional finance pros who just discovered DeFi last quarter.
The Big Question: How Low Can It Go?
If $0.64 breaks, next support sits at $0.58. A fall below that? Let’s just say it might revisit numbers that make even degens wince. Not exactly the 'stable yield' narrative everyone pitched.
Remember: In crypto, sometimes the only thing compounding faster than yields is regret.
- Ethena trades at $0.6461, down 0.75% in 24h, with trading volume sliding 31.76% to $415.92M.
- The coin has dropped 10.89% in 7 days, signaling strong bearish pressure and short-term weakness.
- RSI is at 51.17, and the bearish MACD signal is diminishing momentum as trading volume and open interest decrease.
Ethena (ENA) is currently trading at $0.6461, representing a decrease of 0.75% over the last 24 hours. Trading volume is also weak, decreasing by 31.76% and currently at $415.92 million. A lower price indicates weak purchase power and greater selling pressure in the market.
Source: CoinMarketCap
During the last 7 days, ENA has experienced a significant decline of 10.89%. This continuous decline indicates the growing number of bears and gives an impression of a further decline of the coin on a short-term basis.
Ethena’s Structure Suggests Potential Five-Wave Downside Move
Crypto analyst More Crypto Online highlighted that Ethena has established a significant peak at the upper ends of the resistance. The first sign of weakness occurred when the price closed below the pivot point of $0.692.
A five-wave downtrend WOULD be required, which would be more conclusive, to establish a direction of decline. A break below the price of $0.51 could signify the confirmation of a more significant bearish pattern with an enhanced negative momentum.
Source: X
The technical performance indicates cautiousness. This is frequently indicative of persistent selling pressure, as ENA exhibits lower highs and lower lows. When the price is at or below the level of $0.75, the bias of the market is negative. The token has been unable to regain support levels, and it has been rejected at resistance points.
RSI Neutral, but MACD Confirms Bearish Pressure
The Relative Strength Index (RSI) is 51.17. The reading indicates neutral momentum but points to weakness. The indicator is not at the extreme levels, but traders believe that it has the potential to fall further in case the pressure rises. The next step would become clearer with a MOVE away from the midline.
The Moving Average Convergence Divergence (MACD) indicates a decrease in strength. The MACD line shows 0.0316, the signal line 0.0531, and the histogram -0.0215. The bearish crossover supports the weakness following the previous rallies. The figures indicate that sellers remain on top.
Source: TradingView
Open Interest and Volume Fall, Reinforcing Bearish Sentiment
According to CoinGlass data, the Ethena trading volume decreased by 26.69 percent to $1.48 billion dollars, and the open interest decreased by 2.92% to $1.26 billion. Both readings suggest less involvement and weaker commitment by traders.
Source: CoinGlass
The OI-weighted funding rate is 0.0073%. This portrays the lack of strong directional bets. The figures indicate caution in positioning and reinforce the wider bearish sentiment, along with reduced volume and open interest.
