The crypto industry continues to display mixed price action amid an increase in the price volatility in the market. Furthermore, the leader of altcoins, Ethereum price, continues its struggle to hold the price above the $3,000 mark, indicating a strong bearish sentiment in the crypto space.
On the other hand, the Ethena price has recorded a jump of 2.87% with a 24-hour trading volume of $625.44 Million, a jump of 44.31%. Moreover, it has added 15.18% within the past seven days, indicating a rising bullish sentiment for this altcoin in the crypto industry.
The Ethena token gained significant attention from the crypto space following its launch, resulting in this altcoin surging over 188% within the next few days. After recording an ATH of $1.523, the ENA price displayed a neutral trend for the next few days.
As the volatility in the market grew, the bulls lost momentum and recorded a correction of 47.47% in valuation. Since then, the price has been trading in a closed range between $0.750 and $0.975, indicating a weak buying and selling pressure for the altcoin in the crypto space.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, indicating an increase in the selling pressure within the crypto space. Furthermore, the averages show a high possibility of a bearish convergence, suggesting a negative outlook for the altcoin this week.
If the market pushes the price above its important resistance level at $0.975, the bulls will regain momentum and test its upper resistance level of $1.175. If the market holds the price at that level, it will set the stage for the ENA token to attempt to test its upper high of $1.375 in the coming time.
However, if the bulls fail to regain momentum, the Ethena price will continue trading under a bearish sentiment and plunge to test its crucial support level of $0.750 this month.
Also Check Out : Is Ethereum About to Take a Massive Drop? Here’s Why ETH Price Could Drop By 70%
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