- Ethena (ENA) is holding near $0.24.
- It displays a TD Sequential buy signal.
The active bearish wind within the crypto market has triggered most of the assets down, losing momentum. As the Fear and Greed Index value holds at 12, the market sentiment lingers at extreme fear. Bitcoin has slipped toward $85K, while Ethereum trades at $2.8K. However, Ethena (ENA) has registered a spike of over 1.5%.
In the morning hours, the asset traded at a low of $0.2344. After the brief bullish wave, the ENA price rose toward $0.2487, breaking crucial resistances between $0.2348 and $0.2483 zones. Currently, Ethena trades at $0.2426, with its market cap at $1.8 billion. ENA’s daily trading volume has reached $157.47 million
Moreover, the Ali chart exhibits that Ethena is in a clear downtrend with a recent TD Sequential buy signal appearing on the last candle. The appearance of a buy signal suggests the downtrend might be nearing its end, which is likely interpreted as a potential short-term reversal.
Can Ethena Break Free From the Red Zone This Week?
ENA’s Moving Average Convergence Divergence and the signal lines sit below the zero line, implying the overall bearish phase. The momentum is weak, and even if the MACD crosses above the signal line, an early bullish momentum is shown, not a confirmed reversal. Notably, the Chaikin Money Flow (CMF) indicator settled at -0.01, hinting at a slight selling pressure in the Ethena market. The capital flow is leaning bearish, but not enough to confirm a strong distribution.
*ENA chart (Source: TradingView)*Besides, the asset’s Bull Bear Power (BBP) value of 0.0056 indicates mild bullish momentum, but not strongly. As it is close to zero, the strength behind the move is weak, and the market is trying to shift upward, but has not built solid bullish momentum. The current market sentiment of ENA is neutral, with the daily Relative Strength Index (RSI) settled at 49.62. It likely suggests consolidation and needs a strong push from either bulls or bears
The downside correction of Ethena might push the price to its crucial support at the $0.2419 range. Assuming the formation of a death cross, a continued downward push could happen, leading the asset’s price to fall toward $0.2412. On a bullish reversal, Ethena’s nearby resistance range could be found at around $0.2433. Holding this level might invite the emergence of the golden cross, and gradually open the doors for further gains above the $0.2440 mark.
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