Ethena Price Slumps: Bearish Signals Indicate Further Declines Ahead

In the latest technical analysis for the #Ethena price, recent movements have shown a consistent downward trend. This decline is reflected in the moving averages, with the 9 EMA currently at $0.557 and the 20 EMA at $0.565. The convergence of these moving averages indicates a bearish momentum in the short term.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator also supports the bearish outlook. The MACD line is below the signal line, and the histogram has turned negative, suggesting that downward momentum is increasing. This bearish divergence highlights a potential for further price declines.

The Relative Strength Index (RSI) is currently at 36.95, which is in the oversold territory. This suggests that while the overall trend is bearish, the price may be due for a short-term bounce or consolidation. Traders should watch for any signs of bullish divergence on the RSI as a potential indicator of a reversal.

Key support and resistance levels to watch are critical for determining potential entry and exit points. The immediate support level is at $0.543. If the price fails to hold this level, it could lead to further declines towards lower psychological support levels. On the upside, the resistance levels are at $0.586, $0.611, and $0.656. A break above these levels could indicate a shift in momentum and potential bullish trend reversal. $ENA #ENA #altcoins #BullorBear #altcoins
The full analysis and trade strategy were originally posted on ecoinimist.com.