- Ethena price drop below $0.78 could lead to a decline to $0.72 and $0.68 support levels.
- Resistance at $0.8000 holds, with repeated rejections signaling possible bearish continuation.
- Volume trends and support at $0.766 remain key in determining price direction for ENA.
Ethena price has seen significant fluctuations recently, with the price breaking below key support levels. A breakdown below $0.78 could lead to a further decline, potentially reaching as low as $0.68. Market participants are closely watching the price action, as a decisive move below this support zone could indicate a bearish trend.
Ethena Price Faces Potential Decline Below $0.78 Support
Ethena price currently trades at $0.7896, showing signs of a pullback after a strong upward movement. The price recently tested key resistance at $0.8000, which resulted in repeated rejections, indicating that the level is holding firm. Support at $0.766 has helped the price bounce back in previous attempts, but a break below $0.78 could trigger more downward movement.
Ali Charts noted that the daily chart for ENA signals a sell-off, with a break below $0.78 opening up the possibility for a further decline. He mentioned that this breakdown could take the price towards $0.72 or even $0.68. Traders are now following these levels closely, as a failure to hold above $0.78 could signal a more extended period of bearish momentum.
Source: Ali Chart/X
On the upside, resistance remains around the $0.8000 level, where the price has repeatedly faced rejection. A failure to break this resistance, combined with weakening support below, might indicate that the price could trend lower. If the support at $0.78 fails, the next crucial level of support lies at $0.72 and $0.68, areas where the price could stabilize or further correct.
Source: X
Volume trends are key to confirming this potential shift. Lower volumes at the support zones would suggest weak buying pressure, increasing the likelihood of further downside. The broader trend remains volatile, with the price moving in large swings.
While the previous support levels have held firm, the recent breakdown below $0.78 raises concerns for those holding long positions. If the ethena price fails to recover, a decline to the next support zones around $0.72 and $0.68 could become more probable.
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