Market Analysis: Ethena's Price Volatility and Potential Rebound

Ethena (ENA) experienced a bearish turn in the last 24 hours after bullish momentum failed to break through the intraday high of $0.8196. Bears seized control of the market, pushing the price down to an intraday low of $0.738, where it found temporary support. At press time, ENA’s price was down 7%, trading at $0.7407, […]

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Market Analysis: Ethena's Price Volatility and Potential Rebound

  • Ethena’s (ENA) 24-hour trading volume surged 79.50% to $174.19M.
  • The market cap fell 7.70%, setting at approximately $1.13B.
  • RSI indicates oversold at 23.31, suggesting a potential rebound.

Ethena (ENA) experienced a bearish turn in the last 24 hours after bullish momentum failed to break through the intraday high of $0.8196. Bears seized control of the market, pushing the price down to an intraday low of $0.738, where it found temporary support.

At press time, ENA’s price was down 7%, trading at $0.7407, which aligned with an overall downward trend in the digital currency market, down by 2.85% to $2.47T in market cap. This downward movement is accompanied by a substantial increase in trading volume, indicating heightened market activity.

ENA/USD 24-hour price chart (source: CoinMarketCap)

During the dip, the 24-hour trading volume for Ethena surged by 79.50% to $174.19 million while the market capitalization of ENA witnessed a decline of 7.70% to $1.13 billion. This suggests that while trading activity increased, the overall market valuation decreased, possibly due to investors selling off their holdings amid price declines.

ENA/USD Technica…

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