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The Ethena price prediction resumes the decline after touching the daily high at $0.728, but the buying interest may increase on approach to $0.730.
Ethena (ENA) Price Forecast Amidst a Dip in Crypto Fear and Greed Index
ENA has experienced declines for eight consecutive days, setting a record for its longest losing streak. It dropped to a low of $0.07400 on Tuesday, marking its lowest point since May 20th. The cryptocurrency has shed over half of its value from its peak earlier this year.
Ethena Prediction Statistics Data:
- Ethena price now – $0.713
- Ethena market cap – $1 billion
- Ethena circulating supply – 1.5 billion
- Ethena total supply – 15 billion
- Ethena Coinmarketcap ranking – #73
ENA/USD Medium-term Trend: Bearish (4H Chart)
Key levels:
Resistance Levels: $0.900, $0.950, $1.000
Support Levels: $0.550, $0.500, $0.450
At the early hours of today, ENA/USD touched a high of $0.728 and now retreating below the 9-day and 21-day moving averages. The Ethena price has been moving down slowly at the time of writing. Meanwhile, the psychological barrier of $0.730 still serves as the first important resistance within the market and a sustainable move above this level may likely push the price towards the daily high at $0.800.
Ethena Price Prediction: ENA Price May Consolidate to the downside
On the intraday chart, the Ethena price breaks toward the downside, which may increase the selling pressure. At the time of writing, the price is hovering at the support level of $0.713 and if this is cleared, the sell-off may be extended to $0.700 which is below the moving averages. However, the dips to $0.650 are likely to be bought, which means the overall bullish sentiments may prevail.
Moreover, if the price moves below the mentioned support, $0.600 may come into focus which may serve as support during the consolidation period while the critical supports could be located at $0.550, $0.500, and $0.450. On the upside, the first resistance may come at $0.750. Once it is clear, $0.800 could come back into focus. Further bullish movement may hit the potential resistance levels at $0.900, $0.950, and $1.000 as the 9-day MA remains below the 21-day MA.
ENA/USD Short-term Trend: Bearish (2H Chart)
ENA/USD on a 2-hour chat is currently moving bearishly as the coin touches the low of $0.706. On the flip side, if $0.700 remains unconquered in the short term, bullish influence could spike. In this case, the accrued gains could be trimmed massively.
On the downside, the ultimate target is the support at $0.850 and below. For now, the best the bulls can do is to hold above the weak support at $0.706 and keep their attention on breaking toward the resistance at $0.600 and above. Meanwhile, the 9-day moving average keeps hovering below the 21-day moving average, which may suggest more bearish signals.
On that note, @waltzcson advised his X (formerly Twitter) followers that $ENA is currently retesting the main imbalance gap he highlighted last week. This presents a favorable opportunity to allocate additional capital from this demand area towards $0.6, if the price action allows. Don’t underestimate $ENA; failure to buy during this cycle could lead to regrets later on.
$ENA 1D.
Back retesting to the main imbalance gap that i've told last week.
good area to positioning more capital from this demand area to $0.6 if it's possible to reach that price action.
don't ever fade on $ENA, you'll regret if you didn't buy any ena this cycle. https://t.co/2NNDhhycxf pic.twitter.com/DMuG7nc9mS
— Waltzcson (@waltzcson) June 11, 2024
Ethena Alternatives
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