Battered And Bruised Ethena Crypto Sustains Bleed-Out: When Will ENA Price Recover?

Core Insights - Ethena (ENA) has experienced significant price volatility, closing lower in each session from November 1 to November 2, with a drop from $0.3917 to $0.3624, marking a 31% decline on the weekly charts and a 10% decline on the daily [1][2][3] Price Movement - ENA's trading volume has been on a downward trend since October 31, starting at $387,848,062 and declining to $185,700,974 by November 2, although it saw a recent increase to $244,642,889, representing a 56.30% rise in market activity [2] - The price action has resulted in a decrease in market capitalization from $3,162,489,112 on October 30 to $2,766,268,350 by November 2 [3] Support and Resistance Levels - ENA has struggled to maintain support at the $0.40 level and is currently testing support at $0.35, which it previously bounced off on October 14 [4] - A drop below the $0.35 level may delay recovery, with the next support zones identified at $0.29-$0.30 [5] Technical Indicators - ENA is trading below its 20-day EMA at $0.3872 and 50-day EMA at $0.41, indicating a need to reclaim these levels for a potential bounce back [5] - The Relative Strength Index (RSI) is at 30, suggesting that the price is nearing oversold levels and may be poised for a rebound [5] Market Context - The negative pressure on ENA's price has been attributed to a losing streak following a liquidation event on October 10, alongside a significant drop in Total Value Locked (TVL) on the platform [6]