ENA Rebounds to $0.5966 but Risks $0.50 Decline Despite Rewards Incentives

• ENA broke below $0.61, with downside targets at $0.5596 and potentially $0.50, despite a 24-hour rebound to $0.5966.
• Immediate resistance sits at $0.5969, while previous rejection zones at $0.74 and $0.82 highlight broader weakness.
• Ethena’s unclaimed rewards program for ENA and USDe holders adds a new layer of participation, balancing technical risks with community engagement.

Ethena’s native token, ENA, lost critical support at $0.61 this week, putting further downward pressure on the market. The current price of the token is at $0.5966 with a 3.4%growth rate over the past 24 hours. Although there was a slight recovery, technical forecasts are weak and the trend indicates that the market might move to the $0.50 level in case the downward trend persists. In the meantime, Ethena has also announced incentives to participants and early investors in its ecosystem, alluding to historical network activity as the qualifying criterion.

Price Action and Technical Outlook

ENA is trading at the press time of $0.5966 against the U.S dollar. It is also equal to $0.055376 BTC which gains 1.9% and 0.0001470 ETH which gains 2.0 percent in the same period. Nevertheless, the market outlook is worried. ENA broke below $0.61 support, a level that previously held firm. The next visible support is placed at $0.5596, while resistance is set at $0.5969.

The chart illustrates repeated failed attempts to maintain higher levels, notably near $0.82 and $0.74. Each rejection accelerated selling, bringing the price steadily lower. The recent breakdown below $0.61 opens the path toward the $0.50 area, which serves as the next key zone. Market watchers remain focused on whether ENA can reclaim higher ground before testing these levels.

Ethena Launches Rewards Program for Verified Early Participants

Alongside market activity, Ethena has activated a new rewards initiative for both ENA and USDe holders. The program applies to early contributors who engaged with the project through holding, participating, or supporting its activities. Eligibility depends strictly on historical network activity, ensuring only verified participants can access these benefits.

It is worth noting that the rewards have not been claimed yet and users are encouraged to check their status as early as possible. The program indicates the effort of Ethena to be transparent with its neighbors by providing transparent,>ENA Holds Key Support Amid Reward Incentives

The technical breakdown coincides with increased market attention on upcoming support zones. If selling pressure persists, $0.5596 stands as the next support, with $0.50 as a deeper target. Such levels remain critical because repeated declines often trigger renewed market scrutiny. However, the current 24-hour price increase shows short-term traders still testing recovery attempts.

The reward activation adds another dimension to market behavior. Early supporters now have tangible incentives based on past activity, which may influence participation rates. The balance between technical pressures and reward-driven engagement could define near-term dynamics. As both elements unfold, the ENA market stays under close observation for price stability and community interaction.