ENA Price Declines 18% Amid Death Cross Warning Signs | Airdrop Alert Pro

Ethena (ENA) price has dropped 18% in the past 24 hours, taking its market capitalization below $3 billion. Despite this decline, ENA remains one of the top 50 largest cryptocurrencies by market capitalization.

Indicators such as relative strength index and CMF reflected bearish sentiment but also hinted at a possible rebound if conditions improve. Traders are closely watching the key support level of $0.89 and resistance level of $1.01 for ENA’s next move.

Ethena RSI is at lowest level in 5 months

athena The relative strength index (RSI) has fallen to 26.4, its lowest level since August 2024. RSI is a momentum indicator that evaluates the speed and magnitude of price movements on a scale of 0 to 100.

Readings above 70 indicate overbought conditions and the possibility of a price correction, while readings below 30 indicate oversold conditions and the possibility of a price recovery. The sharp decline from 79.9 on January 3 to current levels reflects a significant shift in market sentiment, with heavy selling pressure dominating over the past five days.

At 26.4 hours, this The RSI is now firmly in oversold territory, suggesting that the recent sell-off may have been overdone. If buying interest returns to the market, this could set the stage for a price rebound.

However, the bearish momentum driving the RSI lower also points to weak investor confidence, suggesting that ENA’s price may remain under pressure in the near term.

ENA CMF is recovering from yesterday’s lows

athena Chaikin Money Flow (CMF) is currently at -0.19, up slightly from yesterday’s low of -0.25. CMF is a technical indicator that measures the flow of money into or out of an asset based on price and volume over a specific period.

Positive CMF values ​​represent net buying pressure, indicating underlying bullish momentum, while negative values ​​reflect net selling pressure, indicating bearish sentiment. The recent decline from a peak of 0.32 on January 3 to its current negative value highlights a significant shift in market sentiment, coinciding with Aisne story Down from above $1.20.

ENA’s CMF is -0.19, indicating that selling pressure remains dominant, but may start to ease as the indicator recovers from its recent lows. The slight improvement may indicate that capital outflows are slowing, offering a glimmer of hope for economic stability ethylene price.

However, as the CMF remains in negative territory, bearish sentiment remains contained and further losses are likely unless the indicator approaches or rises above 0, indicating renewed buying interest.

ENA Price Prediction: Is $0.75 the next target for Ethena?

The ENA EMA line is currently showing a bearish pattern, with the short-term line trending downward. If this movement continues, it may lead to the formation of a Death Cross. This technical signal occurs when the short-term moving average is below the longer-term moving average, usually indicating further downward momentum.

This bearish signal could intensify selling pressure, which could push Aisne story Testing support at $0.89. If this level is exceeded, the correction is likely to deepen, with the next key target being $0.75, which could represent a 21.8% decline from current levels.

However, a rebound from current levels is still possible, as shown by the RSI and CMF indicators. If ENA price manages to regain bullish momentum, it may challenge the $1.01 resistance, above which a break could pave the way for further gains towards $1.12.

Due to strong buying pressure and continued upward trend, athena One could even target $1.31.