Ethena (ENA) extended its losses on Sunday as persistent selling pressure pushed the price closer to a key technical support zone. ENA declined 5.18% over the past 24 hours, while weekly losses widened to 19.27%, according to CoinMarketCap data.
Despite growing trading activity, bearish momentum continues to dominate sentiment. ENA trades at $0.1384, while 24-hour volume surged 72.56% to $271.93 million, suggesting active repositioning among traders. Market capitalization slipped 5.09% to $1.1 billion as sellers maintained control across major exchanges.
Also Read: Ethena (ENA) Slides to $0.22: Can Bulls Drive Price Up $0.90?
Support Zone Test Shapes Recovery Outlook
ENA now trades near the critical $0.13–$0.15 support range, which aligns with the lower boundary of a multi-month descending channel visible on higher-timeframe charts. Recent candles show slowing downside momentum as buyers attempt to defend this structural zone.
Crypto analyst Jonathan Carter notes that a successful bounce could send the price toward resistance levels at $0.19 and $0.25 before testing higher barriers near $0.35 and $0.46. Extended recovery targets at $0.67, $0.88, and $1.32 remain possible only if broader market sentiment improves.
However, failure to hold this support base could set the stage for further declines. If this price point is taken out, the recovery trend is expected to be stalled, with traders reassessing their positions due to the still high levels of volatility seen in altcoins.
Buying Pressure Needed For Strong Comeback
Weekly chart signals remain in place and continue to indicate downside pressure. The Relative Strength Index is at 33.74 and remains below its moving average at 37.88. It has weak momentum and is approaching oversold territory, which experiences brief stabilization before continuing its fall, according to the TradingView chart.
The readings for the MACD are also remaining firmly negative, with the MACD line remaining below its signal line and the histogram remaining in bearish territory. If the bars continue to shorten, the selling pressure is likely to ease a little, but it is only a matter of buyers overcoming the resistance levels in the coming sessions to see a strong comeback.
Why This Matters
The crossroads that ENA is at are critical in the sense that if it can hold up the $0.13-$0.15 zone, it will be able to provide some respite for short-term traders.
A definitive breakout or breakdown from this point could potentially change the overall outlook for other altcoins in the market.
Also Read: Ethena ($ENA) Double Bottom Forms: Can It Rally to $0.90–$1?
