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The Ethena price plunged more than 7% in the last 24 hours to trade at $0.979 at press time.
Ethena Price Overview
4-hour chart for ENA/USDT (Source: TradingView)
The trading landscape for the Ethena price has shown a mix of fluctuations and consolidations. A downward trajectory in the price from a consistent $1.05 to the current $0.995 suggests an increasing pressure from sellers, as indicated by the recent closings below both the 9 EMA and the 20 EMA.
Specifically, the 9 EMA has trended down from $1.054 to $1.025, crossing below the 20 EMA which also declined slightly from $1.041 to $1.029. This crossover typically signifies a bearish momentum, suggesting that the market might continue to see downward pressure in the short term.
The MACD (Moving Average Convergence Divergence) analysis reinforces this view, with the MACD line crossing below the signal line in the latest data points. From a positive histogram peak of 0.0004, it moved to a negative -0.0087, indicating that the bearish momentum is gaining strength.
Meanwhile, the RSI (Relative Strength Index) hovering around 44 also points to a potential oversold condition, which could mean that the price might stabilize or even experience a minor rebound if buyers step in. However, the nearness to the oversold boundary also suggests caution, as further decline in price could strengthen the selling momentum.
Regarding potential movements, the current trading range is just below the significant resistance level at $1.019, with further upside potentially challenging subsequent levels at $1.105 and $1.201 if a reversal occurs. On the downside, support levels are observed at $0.914 and $0.879, with $0.842 as a stronger historical support level that could provide substantial buy interest if approached.
Potential Trade Ideas
For traders considering entry and exit points:
– Long positions might be considered around the $0.914 to $0.879 support levels, with a potential target at $1.019 and stops below $0.879.
– Short positions could be initiated near the $1.019 resistance, aiming for the $0.914 or $0.879 levels, with stops set above $1.019.
The market sentiment for ENA remains bearish in the short term, given the prevailing technical indicators. Traders should monitor these levels closely for any signs of reversal or continuation of the current trend. As always, it’s critical to consider multiple technical insights and maintain sound risk management practices.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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