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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 14, 2024 03:57 UTC
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Here’s Why Ethena Is The Best Altcoin To Buy In This Dip!
The ENA price tests the bottom support of $0.65.
A death cross is visible in the 4H chart.
A bullish reversal at $0.65 eyes to reclaim $1.
With the broader market failing to sustain the momentum surge on Wednesday, the altcoins are struggling at critical support levels. The Ethena token shows a similar trend with a failed bullish reversal and a deep pullback phase in action.
However, as the downfall in the ENA price approaches a crucial support level, the sideline traders anticipate a bullish comeback. Will Ethena manage a bullsih reversal next week for a bullish end to 2024? Find out more in our ENA Price Prediction.
Death Cross, A Bearish Sigil For Ethena
The bearish trend in Ethena is going critical as the market cap falls from $1.33 billion to $1 billion in almost 60 days. Further, the ENA token price failed to sustain the $1 psychological mark with a bearish dominant trend over the past few weeks.
Further, the underlying attempt for a bullish reversal fails with an inverted head and shoulder pattern. Despite the $0.96 neckline breakout, the sudden surge of supply at the $1 mark resulted in a quick downfall.
The bearish turnaround drops the altcoin to the $0.65 support and currently trades at the $0.70 mark. Further, Ethena witnesses an intraday rise of 1.48% and offers a dip worth buying opportunity for the sideline traders.
Technical indicators:
MACD Indicator: The bullish continuation in the MACD and signal lines in the 4H chart showcases bolsters a reversal opportunity.
EMA: The 50 and 200 EMA in the 4H chart maintain a declining trend with a death cross, reflecting a huge bearish influence over Ethena.
Will The ENA Price Reclaim $1?
With a downfall to the $0.65 mark and crucial support for Ethena, the bullish reversal chances are high. However, the death cross in the 4H chart and the broader market slowdown warn of a downfall.
If the bullish reversal gains momentum, a likely scenario, the uptrend could reach the $0.84 mark. Conversely, a downfall under $0.65 will increase the supply pressure, resulting in a drop to $0.50.
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