There is a noticeable struggle to gain momentum in the cryptocurrency landscape on April 23, 2024. Amid this challenging environment, recently launched Ethena (ENA) and existing Toncoin (TON), have emerged as the top losers, experiencing massive falls of 8% and 7.5% respectively over the past 24 hours.
Why are ENA and TON falling?
These tokens garnered considerable attention back in March 2024, propelled by praise from industry figures such as BitMEX’s ex-CEO and co-founder, Arthur Hayes, along with a favorable announcement from Telegram.
However, the recent downturn can be attributed to a combination of factors, including the release of CPI data and escalating geopolitical tensions between Iran and Israel. Additionally, market analysts suggest that the recent decline may also represent a necessary price correction following a period of significant upward movement.
As of the latest data, Ethena (ENA) is currently trading near $0.97, marking a steep decline of over 8% within the past 24 hours. However, when considering its performance over a longer timeframe, ENA has demonstrated relative stability, with a modest 2% increase in the past week and an impressive 42% surge over the past month.
Meanwhile, Toncoin (TON) is trading around $5.64, having experienced a notable 7.5% decrease in value over the last 24 hours. Despite this recent setback, TON maintains an overall positive trajectory, with an 8% decrease over the past week offset by a substantial 16% gain over the past month.
ENA and TON technical analysis and key levels
According to expert technical analysis, Ethena (ENA) is looking bearish for a short period, and there might be a possibility that it may fall nearly 7% to the $0.91 level. However, if the ENA price falls below the $0.91 level, then there might be a possibility we may see a further fall of over 16%. Although, earlier Hayes predicted that ENA may hit $10, so investors as well as traders are looking bullish on ENA.
On the other hand, Toncoin (TON) is currently taking support from a demand zone, which is the $5.49 level. However, after taking support from the demand zone, TON is experiencing upside momentum, and during this fall in the price of TON, it also took the support of 200 EMA, which currently indicates bullishness in the TON token. This recent fall of over 7.5% is for the short term, and it may experience upside momentum soon.