The Ethena (ENA) price has recorded significant price action over the past few days, highlighting an increase in the price action for the altcoin in the cryptocurrency market. However, the bulls displayed a weak price action close to its $1 mark, resulting in the price losing momentum.
The ENA price has recorded a loss of 4.28% over the past day. However, the altcoin has added 3.89% within the past seven days and 11.89% over the past month, indicating a mixed sentiment for the altcoin.
ENA Price Fails To Break Out Of Its Resistance Level:
Ethena’s ENA token traded within a closed range between $0.750 and $0.975 for over a month. As the volatility in the market grew, the Ethena price regained momentum and successfully broke out of the resistance level.
However, the bulls lost momentum, resulting in the price experiencing a pullback within the range.
TradingView: ENA/USDT
With a trading price of $0.951, a circulating supply of 1,520,312,500 ENA tokens, and a market cap of $1.431 Billion, the Ethereum-based altcoin has successfully secured the 69th position in the top 100 cryptocurrencies.
The SMA records a bearish crossover in the 4H time frame, highlighting an increase in the selling pressure within the crypto space.
The technical indicator, MACD, displays a sharp decline in the green histogram, indicating a strong bearish reversal in the crypto space. Moreover, the averages show a high possibility of a bearish convergence, suggesting a negative outlook for the altcoin in the coming time.
If the bulls regain momentum, the price will retest its resistance level of $0.975. Moreover, if the market holds the price at that level, it will set the stage for the ENA crypto price to test its upper resistance level of $1.175 this month.
Conversely, if the bears continue to dominate the market, it will plunge toward its crucial support level of $0.750 in the coming time.
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