2024

Ethena

Time

Coin

<p>The <strong>Ethena (ENA) token</strong> witnessed a follow-on decline and failed to cross the 20-day EMA mark at press time. That resulted in another bearish leg of 15% this week.&nbsp;&nbsp;</p> 
<p>Trading in a falling channel, <strong>ENA </strong>bulls could not manage to revert the gains and faced rejection during the rebound in the past.</p> 
<p>Amidst the market resurgence, the <strong>ENA token</strong> recovered from its lower trendline support zone of $0.340 and revealed a rebound of over 40% in the first phase of July. However, the bulls’ army could not celebrate it long, and the mighty bears captured the gains and pushed them hard.</p> 
<p>Per the ongoing trend, the sellers showed dominance and were willing to drag the token price toward its all-time-low (ATL) trajectory near $0.3499.</p> 
<p>Notably, the <strong>ENA token price</strong> corrected over 70% from its peak and underperformed in the past three months. The crypto market experienced a significant upsurge in the last two weeks, and most altcoins recovered from their lows.</p> 
<p>However, ENA bulls failed to hold the momentum, and another bearish leg of over 17% was caught this week.</p> 
<h2 class="wp-block-heading" id="h-ethena-ena-at-press-time"><strong>Ethena (ENA) At Press Time</strong></h2> 
<p>At press time, the <strong>ENA price </strong>was trading at $0.4454 with an intraday drop of 4.01%, reflecting bearish movement on the chart. It had a monthly return ratio of -260% and 48.20% yearly, reflecting short-term correction.</p> 
<p>The pair of ENA/BTC was at 0.00000670 BTC, and the market cap was $639.09 Million. Analysts were bearish and suggested that the<a href="https://www.thecoinrepublic.com/2024/07/18/ethena-market-cap-rose-5-is-ena-poised-for-a-run-above-wedge/"> <strong>ENA price</strong></a> might continue to trade in the downward region and underperform ahead.</p> 
<h2 class="wp-block-heading" id="h-can-ethena-ena-continue-to-underperform-ahead"><strong>Can Ethena (ENA) Continue to Underperform Ahead?</strong></h2> 
<p>The<strong> Ethena (ENA) token</strong> witnessed a bearish move and traded below the key moving averages. Its price action highlighted the sustained <strong>downtrend </strong>and consecutive lower-low sequences.&nbsp;</p> 
<p>Amidst the multiple attempts of bulls to sustain above the 20-day EMA mark, buyers failed to do so, and a follow-on decline was observed on the chart.</p> 
<p>A post by @alwayswinsignal reflected its negative view of ENA, suggesting a further decline was imminent.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a> Lost 4h support<br>next play in place <a href="https://t.co/C5az6B06PS">pic.twitter.com/C5az6B06PS</a></p>— Always win (@alwayswinsignal) <a href="https://twitter.com/alwayswinsignal/status/1815602280575504833?ref_src=twsrc%5Etfw">July 23, 2024</a>
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<p>Until the <strong>ENA token</strong> grabs the $0.580 mark, it may continue to trade under the bearish influence, and further downside can be seen.</p> <iframe loading="lazy" title="Santiment Chart: Price (ENA), Volume (ENA)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bonk1&amp;pt=BONK&amp;df=2024-01-26T00%3A00%3A00.000Z&amp;dt=2024-07-23T18%3A29%3A59.010Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bethena%3BENA%5D%3B%5B1%3Bvolume_usd%3Bethena%3BENA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%228h%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Its Relative Strength Index (<strong>RSI</strong>) curve was noted at around 40. The convergence with the signal line was spotted, conveying a negative stance. Similarly, the MACD indicator begins to plot the red bars on the histogram and directs the bearishness.</p> 
<h2 class="wp-block-heading" id="h-development-activity-and-social-dominance-data-insights"><strong>Development Activity and Social Dominance Data Insights</strong></h2> 
<p>In the last few weeks, the development activity data observed a significant decline from its top and dragged over 34% from its highs. This shift in the development data signified the change in the ecosystem dynamics. That conveyed a negative outlook at the time of writing.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (ENA), Development Activity (ENA)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bonk1&amp;pt=BONK&amp;df=2024-01-26T00%3A00%3A00.000Z&amp;dt=2024-07-23T18%3A29%3A59.010Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bethena%3BENA%5D%3B%5B1%3Bdev_activity%3Bethena%3BENA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe> 
<p>Meanwhile, the social dominance data still looked flat; a slight inclination of over 7% was noted this week. That indicated a significant chatter among the investors was spotted on the social media platforms.&nbsp;</p> 
<p>The immediate support levels for the <strong>ENA token</strong> at the time of writing were $0.4200 and $0.4100. Its key upside hurdles were around $0.4700 and $0.4970</p> 
<h3 class="wp-block-heading" id="h-is-ena-ready-to-meet-its-all-time-low"><strong>Is ENA Ready to Meet Its All-Time-Low</strong></h3> 
<p>The <strong>ENA token price </strong>faced rejection from the 20-day EMA mark and witnessed a significant decline on the chart. Its technicals looked weak and favored another bearish leg towards its ATL mark of $0.3499.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/23/ethena-price-losing-strength-ena-to-retest-atl-mark-of-0-34/">Ethena Price Losing Strength: ENA to Retest ATL Mark Of $0.34?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Ethena Price Losing Strength: ENA to Retest ATL Mark Of $0.34?

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Thecoinrepublic.com

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