Ethena (ENA) Price Analysis:
Despite recording a bullish start, this altcoin has recorded a strong bearish action over the past month by losing approximately 21%. Moreover, the Ethena price has recorded a new ATL of $0.2278 during this bear market correction. Notably, it is presently trading at a discount of 79.13% from its previous ATH.
The technical indicator, MACD, displays a minor rise in the green histogram in the 1D time frame. Further, the averages show a bullish convergence, highlighting increased price action for the altcoin in the crypto space.
If the market breaks its resistance trendline, the ENA price will head toward its upper resistance level of $0.60 in the coming time. However, in case of a pullback, the Ethena price will retest its crucial support level of $0.225.
