The Ethena (ENA) cryptocurrency extended its weekly losses, declining over 5% to $0.1384 amid heightened trading activity. Analysts note the asset is testing a critical support zone between $0.13 and $0.15, with technical indicators showing persistent bearish momentum. The price movement is seen as a key test for short-term trader sentiment.
The Ethena (ENA) token declined 5.18% as selling pressure pushed its price toward a key technical support level. Weekly losses now stand at 19.27%, according to data from CoinMarketCap.
Trading activity surged alongside the price drop, with 24-hour volume rising 72.56% to $271.93 million. Market capitalization fell 5.09% to approximately $1.1 billion as sellers maintained control.
ENA currently trades near the critical $0.13–$0.15 support range. This zone aligns with the lower boundary of a multi-month descending channel on higher-timeframe charts.
Crypto analyst Jonathan Carter notes that a successful bounce could see the price target resistance at $0.19 and $0.25. Extended recovery targets at $0.67, $0.88, and $1.32 remain possible only if broader market sentiment improves.
The Relative Strength Index reading of 33.74 indicates weak momentum as it approaches oversold territory. This can sometimes precede brief stabilization before further movement.
The Moving Average Convergence Divergence (MACD) indicator also shows firmly negative readings on weekly charts. A shift would require buyers to overcome significant resistance in coming sessions.
The asset’s ability to hold the $0.13–$0.15 zone is critical for short-term trader sentiment. A definitive move away from this level could influence the outlook for other altcoins.
