#热门趋势 #ENA
Ethena (ENA) price pulls back deeply, testing bottom support
The price of Ethena (ENA) is undergoing a severe test of its bottom support level in the market recently, and is currently hovering at the key position of $0.65.
On the 4-hour chart, we see a worrying signal-the death cross. This is often seen as a warning that the market is about to enter a downtrend. The market trend on Wednesday failed to continue the previous strong momentum, which caused many altcoins to struggle at key support levels. Ethena was not immune, and its token price continued to fall in the past few weeks, failing to hold the important psychological level of $1.
Although the market tried to reverse the decline with a bullish reversal, the effort ultimately failed. The bullish reversal attempt characterized by an inverted head and shoulders pattern quickly failed after breaking through the neckline of $0.96, and the supply pressure at the $1 mark suddenly surged, causing the price to fall back quickly.
Today, the price of Ethena has fallen to near the support level of $0.65 and is hovering there. Despite the slightly pessimistic market sentiment, many investors still see this as a good opportunity to buy on dips. After all, for investors who believe in the long-term value of Ethena, the current pullback may only be temporary.
From the technical indicators, MACD shows some signs of bullish continuation on the 4-hour chart, which provides a glimmer of hope for the market. However, the 50 and 200EMAs still maintain a downward trend of the death cross on the 4-hour chart, which reflects the general bearish sentiment of the market on Ethena.
So, can the price of Ethena return to $1 in the near future? This is undoubtedly the most concerned issue for investors. Although the current market environment is not optimistic, if the momentum of the bullish reversal can continue to strengthen, the price of Ethena is expected to reach the important mark of $0.84 in the next period of time. However, if the price falls below the support level of $0.65, then the market may face greater supply pressure, causing the price to fall further to $0.50.
