Bittime - In the last 24 hours, the price of Ethena experienced a significant decline of more than 8% and was at $0.9421.
This decline was triggered by the actions of investors who realized their profits from the previous increase in Ethena prices.
This article will explain the price prediction for Ethena ($ENA) which is likely to fall even though it has just been trending on the crypto market, what is the cause? Let's take a look!
Ethena ($ENA) latest news
Ethena Labs Adds Bitcoin as Collateral for USDe Amid ENA Price Drop and Volatile APY Concerns.
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$ENA Token Price
The price of the $ENA (Ethena) token has decreased. Responding to concerns regarding USDe's unstable annual interest rate (APY), Ethena Labs added Bitcoin as collateral for USDe.
$ENA Token Price Fluctuations
After launching on Ethereum on February 19, Ethena promises 27.6% APY for staked USDe. The APY then jumped to 113% on March 5, before finally dropping back to 7.15%.
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Ethena Threatens to Fall Deeper If Other Support Is Lost
Quoted from insidebitcoin data, the price of Ethena in the 1 hour chart shows several high points that are getting lower.
This forms a negative trend line. A descending triangle pattern is also visible, with the base of the triangle at the $0.895 support level. This pattern is a bearish chart pattern which generally signals the beginning of a correction.
Ethena Price Movement Analysis
- If Ethena price breaks the $0.895 support level in the next 6-12 hours, there is a possibility of a drop to the next major support level at $0.726.
- The close of the 1-hour candle above the hypotenuse of the descending triangle pattern could invalidate the bearish prediction.
What are the Possible Scenarios for $ENA Value to Improve?
An alternative scenario suggests the possibility of traders pushing the ENA upwards and attempting to turn the key resistance level at $1,201 into a support level.
If successful in breaking through and building a position above this level, Ethena price will gain a solid foundation to reach new highs and set an all-time high in the next few days.
ENA hourly chart analysis shows mixed signals. ENA's bearish momentum seems to be starting to slow down, as can be seen from the Moving Average Convergence Divergence (MACD) Histogram which is approaching zero.
The Relative Strength Index (RSI) indicator shows a shift in strength to the sellers, with the RSI value breaking below the Simple Moving Average (SMA) line. This breakout occurred after the RSI was rejected by the SMA in the last few hours.
New Arrival Sponge V2 Attracts Attention in Ethena Market
Amid the efforts of new entrants to gain a foothold in the Ethena market, meme coin Sponge V2 is determined to repeat its resounding success in the bear market in 2023.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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