With the broader market failing to sustain the momentum surge on Wednesday, the altcoins are struggling at critical support levels. The Ethena token shows a similar trend with a failed bullish reversal and a deep pullback phase in action.
However, as the downfall in the ENA price approaches a crucial support level, the sideline traders anticipate a bullish comeback. Will Ethena manage a bullsih reversal next week for a bullish end to 2024? Find out more in our ENA Price Prediction.
Death Cross, A Bearish Sigil For Ethena
The bearish trend in Ethena is going critical as the market cap falls from $1.33 billion to $1 billion in almost 60 days. Further, the ENA token price failed to sustain the $1 psychological mark with a bearish dominant trend over the past few weeks.
Further, the underlying attempt for a bullish reversal fails with an inverted head and shoulder pattern. Despite the $0.96 neckline breakout, the sudden surge of supply at the $1 mark resulted in a quick downfall.
The bearish turnaround drops the altcoin to the $0.65 support and currently trades at the $0.70 mark. Further, Ethena witnesses an intraday rise of 1.48% and offers a dip worth buying opportunity for the sideline traders.
Technical indicators:
MACD Indicator: The bullish continuation in the MACD and signal lines in the 4H chart showcases bolsters a reversal opportunity.
EMA: The 50 and 200 EMA in the 4H chart maintain a declining trend with a death cross, reflecting a huge bearish influence over Ethena.
Will The ENA Price Reclaim $1?
With a downfall to the $0.65 mark and crucial support for Ethena, the bullish reversal chances are high. However, the death cross in the 4H chart and the broader market slowdown warn of a downfall.
If the bullish reversal gains momentum, a likely scenario, the uptrend could reach the $0.84 mark. Conversely, a downfall under $0.65 will increase the supply pressure, resulting in a drop to $0.50.