Ethena Price Prediction: ENA Price Experiences Huge 22% Drop in 7 Days, What’s Next?
ENA has gone down by over 22% in the previous week and has not too long ago retested its all-time low. One dealer favors a bearish Ethena price prediction because the token has dropped under a key weekly assist.
Since August 2024, information from DeFi Llama reveals that the protocol’s earnings have been steadily declining, shifting from $4 million again then to only $50,000 in November as mint charges have declined sharply.
Ethena’s USDe circulating provide has suffered a robust setback, declining from a peak of $15 billion in mid-October to only $6.7 billion on the time of writing.
It appears that, throughout instances of market turmoil, traders choose to depend on well-established names in the stablecoin area like Tether’s USDT and Circle’s USDC. Hence, this protocol could possibly be struggling the implications of a flight-to-safety transfer.
Crypto analyst ChiefraT shared an attention-grabbing chart that reveals a bearish breakout under Ethena’s long-standing weekly assist.
This worsens the token’s scenario, because the market could possibly be able to dump the token to find how low the value must go for patrons to indicate up.
Ethena Price Prediction: ENA Faces 50% Correction After Losing Key Support
Trading volumes for ENA have elevated by 33% in the previous 24 hours and at the moment account for 20% of the token’s circulating market cap as the value struggles to remain above the $0.20 stage.
The $0.18 space is the important thing assist to observe for ENA because the token will hit the decrease certain of its descending value channel if it touches that threshold.
The Relative Strength Index (RSI) stays closely depressed at 32, indicating that unfavourable momentum has accelerated.
Meanwhile, if the promoting spree continues and ENA is pushed down to interrupt under this pattern line assist, nothing would stop a a lot stronger correction to $0.10. This means a complete draw back threat of fifty% for the token in the close to time period.
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