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Ethena (ENA), a cryptocurrency currently experiencing volatility, is showing signs of a potential rebound despite a recent downward trend, according to technical analysis.
As of writing, ENA is trading at $0.730, reflecting a 1.53% increase over the past 24 hours.
The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.
The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.
Moving averages offer trend direction insights. As of writing, ENA price is below the 50-period moving average, indicating short-lived bearish momentum. A breakout above this moving average could indicate a potential trend reversal. Moreover, the price is below the 200-period moving average, confirming a long-term bearish trend. The 200-period MA around $0.900 is crucial for a long-term trend change.
The Relative Strength Index (RSI) is at 44.75 suggesting that ENA might be oversold, with a potential reversal or consolidation. The Moving Average Convergence Divergence (MACD) line is below the signal line, indicating bearish momentum. However, the narrowing gap between the MACD and the signal line suggests a weakening bearish momentum.
ENA shows potential for a short-term rebound despite a prevailing downward trend. The price may attempt to break the $0.800 resistance level. A successful breakout might lead to a price rally towards $0.900. The current market sentiment suggests cautious optimism, with critical support levels at $0.700 and $0.600 providing strong buying interest zones.
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