- Ethena token failed to settle paws near the $1 mark and faced rejection.
- This week, the ENA price corrected over 28%, revealing selling pressure on the charts.
Emerged as a promising cryptocurrency on April 02, 2024, Ethena (ENA) was in an uptrend in the initial trading sessions. It recorded its ATH mark of $1.52 and displayed retracement in the last weeks.
Last week, the ENA token registered a falling wedge breakout and approached the $1 mark, but the bulls could not celebrate too long. A sharp rejection was noted, which spoiled the investors’ profit.
Meanwhile, the ENA crypto price is still trading in the mid trajectory and has multiple supports placed near $0.700 and $0.550 in case of any follow-on selloff ahead.
Conversely, if buyers retain strength and cross $0.870, it may soon redirect toward the $1 mark.
At press time, the Ethena price traded at $0.7555 with an intraday drop of 7.36%, reflecting selling pressure on the charts. It has a monthly return ratio of -9.22% and 152.30% yearly, reflecting a short-term weakness.
The pair of ENA/BTC is at 0.0000113 BTC, and the market cap is $1.07 Billion. Analysts are neutral and suggest that the ENA price may deliver volatile moves and might retest the downside support of $0.500 ahead.
Could ENA Bulls Revive Their Momentum Amidst Selloff?
Amidst the ongoing negative sentiments in the market, the Ethena price failed to sustain above the $1 mark and reverted to its origin. Despite the weekly correction of over 28%, its long-term projections guide a bullish outlook.
The price action reveals that, due to the U.S. jobs data outcome, most of the altcoins faced unexpected profit booking and eroded gains, reflecting the investors’ fear.
Trading volume saw a decline of over 7.61% to $170.97 million, signifying a decline in the buying interest this week.
Undoubtedly, the price action still looks decent and signifies a bullish view. Once the Ethena price retains gains above $0.880, bulls will charge their muscles and might lead from the front.
Its long-term metrics still highlight bullish projections. At the same time, the momentum oscillators reveal profit booking in the short term.
The RSI curve dragged below the midline, revealing a negative crossover and implying selling pressure this week.
A tweet by @panamax reveals that the ENA price trades near its value region, and a pullback may occur soon.
loaded tf on $ENA, ih&s anyone? pic.twitter.com/ORAeCFV02X
— panamax (@panamaXBT) June 10, 2024
Source: X
Likewise, @Mark Jeffrey, in his tweet, reveals that a significant surge in revenue and TVL was noted, and its fundamentals are looking optimistic.
Ethena raised $20M.
— Mark Jeffrey (@markjeffrey) June 9, 2024
It's making $273M in revenue, and the TVL is at 3.36B and climbing. $ENA $USDe pic.twitter.com/chiqGXZmZN
Source: X
Notably, Ethena’s Total Value Locked (TVL) witnessed a consistent rise, reached 3.36 Billion, and is still climbing.
Source: DefiLlama
Futures OI Data Outlook
This week, due to a sudden price drop, investors are looking in fear and securing their gains.
Source: coinglass
The open interest dropped over 5.36% to $152.62 million in the last 24 hrs, revealing the long unwinding activity.
The immediate support levels for the ENA token are $0.7300 and $0.7100, whereas the key upside hurdle is around $0.7800, followed by $0.8000
Conclusion
This week, the ENA token price revealed selling pressure and slipped below the $1 mark. Notably, the trend is neutral, and any correction is a buying opportunity, as the long-term metrics still guide a positive outlook.
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.
