- ENA crypto price is facing resistance from the 20-day exponential moving average.
- Ethena’s price has lost 41% in the past 20 days, which shows bearishness.
According to the technical chart, the ENA price has shown negative momentum for the last few weeks. At the beginning of April, the ENA crypto price witnessed strong buying pressure, but the buyers were exhausted near the $1.50 mark, and sellers took over the momentum.
The asset price has been weak for the last 20 days and is losing strength by forming lower lows and lower highs. The Ethena price has faced resistance from the 20-day EMA a week ago and has lost 30%. Currently, the price is trying to form a base near the $0.800 level, and a strong positive candlestick has been formed with price rejection.
Daily Active Addresses and Volume Have Disappointed This Month
Based on the given data, the daily active addresses have decreased from 40K to 495 this month. The engagement of the investors and whales with prominent active addresses has been reduced drastically, negatively impacting the Ethena cryptocurrency. The trading volume has dropped by more than 80% this month, and the price has declined.
Ethena Crypto Volume and Price Analysis
As per the graph, the trading volume and the price haven’t remained positive this month, and sellers have dominated. Assuming the trading volume pumps by more than 100%, it may positively impact the asset price.
Ethena Price Prediction: Will Buyers Bounce Back to an All-time High?
Ethena (ENA) price is bouncing back from the base level of $0.800 and has extended to the 20-day EMA. It shows bearishness near the key moving average and engulfs the previous candlestick.
Suppose the current candlestick closes below the previous one, and buyers may lose interest. If the asset price slips below the support level of $0.800 and sustains, sellers may get the opportunity, which may lead to a selling pressure.
Buyers may become interested if the Ethena crypto price gains buying momentum and surpass the 20-day EMA. If the trading volume supports the positive momentum, investors may lead the trend, resulting in a trend reversal.
According to the technical indicators, the digital asset price trades below the key moving average, favoring the negative sentiment. As per the Bollinger Band (BB), the price is struggling below the Basis line and remains bearish. If the price exceeds the Basis line, it may head for the Upper line.
Technical Analysis of Ethena Cryptocurrency Over 4-H Timeframe
In a 4-H time frame, the ENA price plummets because of resistance from a trendline. The price has extended to the trendline by exceeding the critical moving average.
If the ENA price faces resistance from the trendline and falls below the EMAs, it may follow the recent bearish trend and form a new all-time low. It is difficult for buyers to dominate easily if the price remains below the trendline.
The buying momentum can be expected if the digital asset price surpasses the trendline and the trading volume increases. Buyers may look for an all-time high if the price holds the $1.200 mark.
Summary
The buyers got exhausted near the $1.50 mark, and profit booking occurred, which caused strong selling pressure. The ENA price is facing difficulty in exceeding the key moving average, indicating the sellers’ strength. According to the analysts, the Ethena crypto price will remain bearish below the 20-day exponential moving average and gain positive momentum over the $1 mark.
Technical Levels
Resistance: $1.10 & $1.50
Support: $0.800 & $0.600
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.