ENA Drops 14% in a Week; Analysts Eye $0.39-$0.42 Recovery Zone
Ethena (ENA) is currently trading at $0.5626, having dropped 3% in the past day and 14% over the last week. Analysts suggest that a stabilization within the $0.39-$0.42 band could signal a strong recovery. However, ENA is currently on a downward path, with interim levels near $0.52, $0.48, and $0.44 identified as potential steps lower.
The 3-day chart shows a bearish structure after ENA closed below its previous swing low. The cryptocurrency has also dropped below the $0.61 support level, which is now acting as a resistance zone. If ENA fails to hold this zone, it may expose deeper support near $0.2499, extending the bearish trend and delaying any potential recovery.
Analysts are closely watching the $0.50 mark as the next possible downside target if bearish pressure continues. However, a rebound from the $0.39-$0.42 range could potentially return the price to the mid-$0.80s and even to the $1.20 range. Recent transactions, such as the movement of 5 million ENA (worth about $2.9 million) to a wallet associated with prior exchange transfers, may influence short-term price direction and could indicate upcoming selling pressure.
ENA's current price and trajectory suggest a challenging period ahead. While analysts see potential for recovery if the price stabilizes within the $0.39-$0.42 band, the immediate outlook is bearish, with potential downside targets and extended support levels to consider. Market participants are advised to monitor the $0.50 and $0.61 levels closely, as well as any significant transactions that may impact short-term price direction.
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