The Ethena (ENA) token 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.
Trading in a falling channel, ENA bulls could not manage to revert the gains and faced rejection during the rebound in the past.
Amidst the market resurgence, the ENA token 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.
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.
Notably, the ENA token price 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.
However, ENA bulls failed to hold the momentum, and another bearish leg of over 17% was caught this week.
Ethena (ENA) At Press Time
At press time, the ENA price 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.
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 ENA price might continue to trade in the downward region and underperform ahead.
Can Ethena (ENA) Continue to Underperform Ahead?
The Ethena (ENA) token witnessed a bearish move and traded below the key moving averages. Its price action highlighted the sustained downtrend and consecutive lower-low sequences.
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.
A post by @alwayswinsignal reflected its negative view of ENA, suggesting a further decline was imminent.
$ENA Lost 4h support
next play in place pic.twitter.com/C5az6B06PS— Always win (@alwayswinsignal) July 23, 2024
Until the ENA token grabs the $0.580 mark, it may continue to trade under the bearish influence, and further downside can be seen.
Its Relative Strength Index (RSI) 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.
Development Activity and Social Dominance Data Insights
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.
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.
The immediate support levels for the ENA token at the time of writing were $0.4200 and $0.4100. Its key upside hurdles were around $0.4700 and $0.4970
Is ENA Ready to Meet Its All-Time-Low
The ENA token price 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.