- $ENA is forming a possible Double Top on the daily chart, with neckline support at $0.60–$0.62 now under close market focus.
- RSI has dropped below 50, while MACD printed a bearish cross, suggesting short-term momentum is shifting toward sellers in $ENA trading.
- YZi Labs increased its investment in Ethena, supporting expansion plans as USDe supply hit $14 billion with rapid adoption across markets.
$ENA is facing pressure as technical charts reveal a potential Double Top pattern forming on the daily timeframe, raising concerns of a near-term pullback.
$ENA Tests Key Neckline Support
According to CryptoPulse, $ENA has rejected resistance twice near the $0.85–$0.87 zone, leaving behind a potential Double Top reversal formation. The neckline of this structure lies between $0.60 and $0.62, a critical support range now under heavy watch.
A defense of this neckline would give buyers a chance to stabilize price action and mount another move toward the $0.80 swing high. A rebound from this zone would signal that bullish momentum remains intact despite recent hesitation at higher levels.
However, failure to hold this level could confirm the bearish pattern. A breakdown would activate a measured target toward the $0.46–$0.51 range, an area marked as the next strong support zone where previous accumulation supported rallies.
Indicators Turn Bearish Below Neutral Levels
Technical signals are leaning toward the sellers. The Relative Strength Index has fallen below the neutral 50 mark, with the current reading at approximately 44. This reflects weakening demand and increasing pressure on the neckline zone.
The Moving Average Convergence Divergence has also printed a bearish crossover. While the MACD line remains in the positive region, the signal shift suggests that momentum is gradually favoring sellers over buyers.
These conditions together indicate that the balance of strength is tilting to the downside. The $0.60–$0.62 support cluster has now become the deciding battleground for whether $ENA can avoid a deeper correction.
Institutional Backing Boosts Ethena
Despite the short-term bearish outlook on the chart, investor backing for Ethena remains strong. YashasEdu reported that YZi Labs has doubled its investment in Ethena, adding to its earlier participation last year.
Ethena’s synthetic dollar, USDe, has grown at a remarkable pace, recently hitting $14 billion in supply faster than any other asset of its class. This expansion signals continued adoption and solidifies the project’s presence within the digital asset market.
Looking ahead, the roadmap includes extending USDe to the BNB Chain, securing listings on additional exchanges, and launching USDtb. These developments are designed to strengthen the ecosystem, suggesting that $ENA’s broader trajectory remains supported despite near-term technical risks.
