đĽ Ethena Price Losing Strength: ENA to Retest ATL Mark Of $0.34?
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 bullsâ 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.
đ¸ 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.
đ¸ 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.
$ENA Lost 4h support
next play in place â Always win
