Ethena (ENA) Price Squeezed Between $0.119 and $0.095: Is a Breakout or Breakdown Next?

• Ethena ($ENA) hovers at the $0.1015 zone.
• Daily trading volume is up by over 23%.

Both the red and green charts linger in the crypto market, making the price movement hard to find direction. As a result, the largest asset, Bitcoin (BTC), is hovering at $67.6K, while Ethereum (ETH), the largest altcoin, trades around $1.9K. However, Ethena ($ENA) accompanied the current momentum, with a 1.73% spike.

The asset’s lowest and highest trading values are noted at $0.09754 and $0.1024, respectively. At press time, Ethena traded at around $0.1015 with a market cap of $863.81 million. Its daily trading volume is up by over 23%, reaching $83.92 million. Moreover, the $ENA market has experienced a 24-hour liquidation of $658.85K.

Ali’s chart exhibits that Ethena is moving within a range between $0.119 resistance and $0.095 support on the 4-hour timeframe. The price is consolidating, with buyers stepping in near $0.095 and sellers pushing back near $0.119. A break above this range could signal a bullish move, while a drop may trigger further downside.

If the downside pressure gains more strength, the Ethena price might pull the price back to a support at the $0.1004 level. With the formation of the golden cross, the bears would drag the chart even deeper into its former lows. Assuming a bullish reversal for Ethena, the price could climb to the $0.1026 resistance. Holding and moving above this range may trigger the golden cross to take place, and the bulls would take the price higher.

Ethena Charts Indicate Growing Bearish Momentum

The Moving Average Convergence Divergence (MACD) and signal lines are below the zero line, which implies bearish momentum. The recent price action of Ethena is weaker, and the market is in a weak phase. For a potential shift to the bullish zone, the lines need to move back above zero.

In addition, the Chaikin Money Flow (CMF) indicator settled at -0.27 points to strong selling pressure in the $ENA market, with significant capital flowing out of the asset. With active distribution, there is a decline in demand, and a move back to 0 eases selling pressure and possibly stabilises.

Ethena’s Bull Bear Power (BBP) value of -0.0004 indicates very weak bearish strength. As it is extremely close to zero, the buyers and sellers are nearly balanced. This reflects a consolidating market rather than a strong trend. Moving further below zero could intensify the downtrend.

Besides, the current market sentiment of $ENA is mildly bearish, with the daily Relative Strength Index (RSI) stationed at 42.12. Since it is below 50, the selling pressure is stronger than the buying pressure, and it is far from the oversold zone. Also, this often hints at a weak market.