The Ethena (ENA) cryptocurrency had exhibited a clear downward trend on the trading chart, it continued downward moment for the past nine days. ENA's price initially ascended from mid-May until early June 2024 but soon encountered a wave of profit-taking.
Since, this sell-off resulted in a significant 38% drop from its peak price of $1.07, coinciding with the formation of a rising wedge pattern, which is a bearish pattern. Presently, the price has breached this pattern to the downside.
A glance at the technical indicators paints a gloomy picture, as they mainly suggest a continuation of the current weakness in ENA's market price.
On the daily chart, Ethena's (ENA) price has sunk beneath the 50-day Exponential Moving Average, closing below this crucial indicator.
Likewise, the MACD has undergone a bearish crossover with its signal line, deviating into negative territory, accompanied by a growing histogram below.
Furthermore, the RSI mirrors this bearish sentiment, falling below the 14-day SMA and the critical midpoint level of 50.
This overall analysis indicates that a caution is warranted for ENA investors and traders (DYOR), as the technicals hint at potential further declines.
At press time, the Ethena (ENA) crypto has experienced a surge of 3.54% in the last 24 hours, trading at $0.7213.
Therefore, if the demand surges, then the Ethena asset (ENA) price could bounce back from the current level. The next target for the price could be to reach $0.80, and $1.00.
Since, this sell-off resulted in a significant 38% drop from its peak price of $1.07, coinciding with the formation of a rising wedge pattern, which is a bearish pattern. Presently, the price has breached this pattern to the downside.
A glance at the technical indicators paints a gloomy picture, as they mainly suggest a continuation of the current weakness in ENA's market price.
On the daily chart, Ethena's (ENA) price has sunk beneath the 50-day Exponential Moving Average, closing below this crucial indicator.
Likewise, the MACD has undergone a bearish crossover with its signal line, deviating into negative territory, accompanied by a growing histogram below.
Furthermore, the RSI mirrors this bearish sentiment, falling below the 14-day SMA and the critical midpoint level of 50.
This overall analysis indicates that a caution is warranted for ENA investors and traders (DYOR), as the technicals hint at potential further declines.
At press time, the Ethena (ENA) crypto has experienced a surge of 3.54% in the last 24 hours, trading at $0.7213.
Therefore, if the demand surges, then the Ethena asset (ENA) price could bounce back from the current level. The next target for the price could be to reach $0.80, and $1.00.