Ethena (ENA) has been under heavy selling pressure, hitting a critical low of $0.12 on Monday, February 9, after failing to reclaim the $0.15 resistance level, according to the crypto analyst, Umair Crypto.
This move aligns with a bearish flag pattern that has persisted since the token peaked at $0.27, signaling structural weakness rather than short-term volatility.
Currently, the drawdown is at 60%, and the level of $0.12 has already been breached. ENA is trading at levels below this very important support level, and this again confirms that the downward trend remains in place.
Umair Crypto has indicated that in case ENA fails to regain traction and trade above the range of $0.14-$0.15, the next major support level will be at $0.06.
Also Read: Can Ethena (ENA) Recover From $0.13–$0.15 Support or Fall Further to $1.32?
ENA Faces Critical Test: Can It Bounce Above $0.14?
Looking forward, if a clear and decisive recovery occurs above and beyond the $0.14 to $0.15 range, it may indicate that the more severe downside case may not actually play out and may instead allow the market to begin to consolidate.
On the flip side, if the asset continues to trade in a range between $0.10 and $0.14, then it’s clear that the next attractor in this case would be $0.06.
Source: Umair Crypto X Post
The market players are keeping a close eye on the volume trends and consolidation to see if ENA can stage a comeback or if it’s going to continue to decline. Currently, it’s a combination of structural issues and technical selling.
RSI and MACD Signal Early Momentum Shift
The RSI, according to TradingView, on Monday, February 9, stands at 44.38, which is within a range that moves from oversold to neutral.
The RSI is also below the 50 mark, which implies that it is mildly bearish. The fact that it is rebounding from lower RSI levels implies that there is buying pressure after some consolidation.
Source: TradingView
At the same time, the MACD line has also crossed above the signal line near zero, and the histogram bars are slightly positive.
This indicates that bullish momentum is beginning to develop, but it is limited. Experts believe that since the values are near zero, the trend is considered weak and early, and there is no confirmation.
Also Read: Ethena (ENA) Falls 4% as Investors Eye $0.08–$0.10 Accumulation Zone
