Ethena (ENA) Slides to $0.22: Can Bulls Drive Price Up $0.90?

Ethena (ENA) maintains its downtrend that started from the early 2024 peak. The market makes lower highs and lower lows, indicating dominance by sellers. The resistance level of $0.85–$0.95 has been a consistent cap on rallies, establishing it as a strong resistance level. The mid-2024 sideways market broke down from $0.50–$0.55, marking a 0.5 Fibonacci level breakout.

ENA is trading at $0.22, close to the support level of $0.19-$0.21. There are some small signs of bullishness, indicating a relief rally might be expected soon. Resistance comes at $0.27-$0.30, and then at $0.38-$0.42.

However, it will not move upwards without some strong buying support. On the flip side, a move below $0.19 could see the token move towards $0.15-$0.13, which had strong trading activity in the past.

Source: @Crypto_Scient

For a significant trend change, ENA needs to move above $0.50. Once the momentum starts, the market may test $0.75-$0.90, and the final level to reach will be $0.95. The market participants should be cautious and watch for pullbacks in the shorter term until the price moves above $0.50.

Also Read: Ethena (ENA) Dex-Trade Listing Sparks Momentum With $0.505 in Sight

Selling Pressure Gradually Losing Strength Signals Base

The Relative Strength Index (RSI) on a weekly chart is approximately 40, which is below the midpoint level of 50. This indicates that momentum is still low but is stabilizing, as it rebounded from the low 30s. This is an indication that there is weakening selling pressure; a possible foundation is being formed, but there is as yet no indication of buying momentum.

Source: TradingView

The weekly Moving Average Convergence Divergence (MACD) is still below the zero line, and thus the overall market trend is negative. Nevertheless, the histogram’s bars are getting shorter, and this is a signal that the downward momentum is losing strength. The MACD and signal lines are also flattening, and this is a signal that may precede a bullish crossover.

USDe Listed With KRW, BTC, and USDT

One of the major cryptocurrency exchanges in South Korea, Upbit, is going to start listing Ethena’s USDe. The new platform will support trading pairs involving KRW, BTC, and USDT. This is an indication of the growing acceptance of new stablecoin solutions.

The USDe is an artificial stable currency with a delta-neutral structure. The intention behind this design is to ensure stability while minimizing risk exposure for investors. The listing on the Upbit exchange positions the currency as a major player in the market for stable currencies.

Also Read: Ethena Price Rally: ENA Poised for $1.52 High?