Convergence

Ethena

Divergence

Ethena price forecast: ENA, a synthetic dollar protocol built on <a href="https://coingape.com/ethereum-layer-2-blast-secures-major-exchange-listings-amid-airdrop/">Ethereum</a>, has experienced a noticeable price fluctuation over the past day. The ENA price is trading in downtrends after bearish movements dominated the market dynamics.&nbsp; At the time of writing, the token hovered at $0.5594, with a decrease of 2.88% during European working hours.&nbsp; 
According to <a rel="nofollow" href="https://coinmarketcap.com/currencies/ethena/">CoinMarketCap data</a>, the current market capitalization stands at approximately $850 million. The 24-hour trading volume for Ethena is reported to be $64 million reflecting a 12% decrease from the previous period. This metric indicates the overall activity and liquidity of the token in the market. 
<h2 id="span-style-font-weight-400-ethena-price-forecast-is-a-recovery-possible-span">Ethena Price Forecast: Is a Recovery Possible?</h2> 
Ethena has recently exhibited a downward trend, with its value falling below the crucial $0.63 mark, signaling a bearish phase. Recent price fluctuations among major alternative coins reflect mixed market sentiments. 
A tug-of-war between bearish and bullish forces is evident, with bearish forces currently dominating. This is underscored by a notable decline in ENA value. Over the past week and month, ENA has dropped by 11% and 38%, respectively, highlighting the bearish trend influencing the crypto market. 
<figure id="attachment_204685" aria-describedby="caption-attachment-204685" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204685" src="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12.png" alt="Ethena Price Forecast: What Will It Take for a Rally Towards $2?" width="1244" height="686" srcset="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12.png 1244w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-300x165.png 300w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-1224x675.png 1224w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-768x424.png 768w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-150x83.png 150w" sizes="(max-width: 1244px) 100vw, 1244px">
 <figcaption id="caption-attachment-204685" class="wp-caption-text">
 Ethena Price Forecast
 </figcaption>
</figure> 
Ethena’s price fluctuated between $0.63 and $0.53 for a period. However, bullish momentum could not be sustained, resulting in a dive below its support level. Most cryptocurrencies are trading sideways, some showing bullish trends and others experiencing downtrends. 
<a href="https://coingape.com/bybit-partnership-boosts-ethena-ena-price-target-amid-high-trader-activity/">ENA</a> price has been declining since it hit an all-time high of $1.52 on 11th April, reflecting a broader trend of volatility in the market. 
<h2 id="span-style-font-weight-400-technical-indicators-suggest-continued-market-consolidation-span">Technical indicators suggest continued market consolidation.</h2> 
<a href="https://coingape.com/markets/ethena-price-prediction-is-3-4-billion-tvl-ena-back-to-1/">Ethena</a> is currently experiencing a bearish trend. If market strength remains insufficient, its value may weaken further. The cryptocurrency could drop to its support level of around $0.56. Persistent bearish pressure could deepen the decline, potentially falling to a lower support level near $0.5 in the near future. 
On the flip side, if bulls can overcome the $0.57 resistance, an upward momentum is likely. This surge could push Ethena towards testing significant resistance at $1. With continued bullish pressure, Ethena’s price could climb to $2 in the upcoming rally. 
The <a href="https://coingape.com/education/bollinger-band">Bollinger Bands </a>on the daily chart for the Ethena indicate a tightening range, suggesting a period of low volatility. The upper band is approximately $0.5876, while the lower is about $0.5318. Additionally, the Average Directional Index (ADX) stands at 25, indicating relatively weak trend strength, which corroborates the current consolidation phase of the market. 
<figure id="attachment_204684" aria-describedby="caption-attachment-204684" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204684" src="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26.png" alt="Ethena Price Forecast: What Will It Take for a Rally Towards $2?" width="1244" height="686" srcset="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26.png 1244w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-300x165.png 300w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-1224x675.png 1224w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-768x424.png 768w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-150x83.png 150w" sizes="(max-width: 1244px) 100vw, 1244px">
 <figcaption id="caption-attachment-204684" class="wp-caption-text">
 Ethena Price Forecast: Source: <a rel="nofollow" href="https://www.tradingview.com/x/hEhaBO9C/">Tradingview</a>
 </figcaption>
</figure> 
The Moving Average Convergence Divergence (MACD) shows a slight bearish signal, with the histogram plotting just below the baseline, reflecting a decrease in momentum. The Relative Strength Index (RSI), currently at 46, indicates a neutral market without overt signs of overbought or oversold conditions. 
The post <a href="https://coingape.com/markets/ethena-price-forecast-what-will-it-take-to-bolster-ena-towards-2/">Ethena Price Forecast: What Will It Take To Bolster ENA Towards $2?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethena Price Forecast: What Will It Take To Bolster ENA Towards $2?

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