Ethena

The post <a href="https://coinpedia.org/price-analysis/heres-why-ethena-is-the-best-altcoin-to-buy-in-this-dip/">Here’s Why Ethena Is The Best Altcoin To Buy In This Dip!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With the broader market failing to sustain the momentum surge on Wednesday, the altcoins are struggling at critical support levels. The Ethena token shows a similar trend with a failed bullish reversal and a deep pullback phase in action. 
However, as the downfall in the ENA price approaches a crucial support level, the sideline traders anticipate a bullish comeback. Will Ethena manage a bullsih reversal next week for a bullish end to 2024? Find out more in our <a href="https://coinpedia.org/price-prediction/ethena-price-prediction-2024-2030-will-ena-price-cross-10/">ENA Price Prediction</a>. 
<h2 class="wp-block-heading" id="h-death-cross-a-bearish-sigil-for-ethena">Death Cross, A Bearish Sigil For Ethena</h2> 
The bearish trend in Ethena is going critical as the market cap falls from $1.33 billion to $1 billion in almost 60 days. Further, the ENA token price failed to sustain the $1 psychological mark with a bearish dominant trend over the past few weeks.&nbsp; 
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<a href="https://www.tradingview.com/x/T4kHMvZQ/">Tradingview</a> 
Further, the underlying attempt for a bullish reversal fails with an inverted head and shoulder pattern. Despite the $0.96 neckline breakout, the sudden surge of supply at the $1 mark resulted in a quick downfall. 
The bearish turnaround drops the altcoin to the $0.65 support and currently trades at the $0.70 mark. Further, Ethena witnesses an intraday rise of 1.48% and offers a dip worth buying opportunity for the sideline traders. 
Technical indicators: 
MACD Indicator: The bullish continuation in the MACD and signal lines in the 4H chart showcases bolsters a reversal opportunity. 
EMA: The 50 and 200 EMA in the 4H chart maintain a declining trend with a death cross, reflecting a huge bearish influence over Ethena.&nbsp; 
<h2 class="wp-block-heading" id="h-will-the-ena-price-reclaim-1">Will The ENA Price Reclaim $1?</h2> 
With a downfall to the $0.65 mark and crucial support for Ethena, the bullish reversal chances are high. However, the death cross in the 4H chart and the broader market slowdown warn of a downfall.&nbsp; 
If the bullish reversal gains momentum, a likely scenario, the uptrend could reach the $0.84 mark. Conversely, a downfall under $0.65 will increase the supply pressure, resulting in a drop to $0.50.

Here’s Why Ethena Is The Best Altcoin To Buy In This Dip!

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