ENA Bears Are Feasting, But Can Bulls Crash Their Party? 🐻➡🐂

Ethena’s synthetic stablecoin USDe held its ground like a brave little soldier despite the chaos. 🪖
ENA investors, watch out! The losses are lurking like a hungry crocodile. 🐊

Oh, what a gloomy day for Ethena [ENA]! Down a whopping 6.5% in just 24 hours, and if that wasn’t enough, its daily trading volume decided to take a nosedive like a clumsy bird. The losses on the 3rd of February had a faint glimmer of hope, with some brave souls bidding, but alas, the pitiful trading volume whispered a secret: “Nobody’s really interested!”

But wait, the misery doesn’t stop there! Like a sneaky villain in a fairy tale, token unlocks in the coming months are likely to pile on more selling pressure. Picture this: close to 8% of the total supply of ENA still locked up, ready to burst out and wreak havoc. Investors, do you feel that cold shiver down your spine? 🥶

However, in this storm of despair, the synthetic stablecoin USDe stood tall, like a knight in shining armor! 🛡️ Despite the market’s tantrums, USDe clung to its peg and even managed to flex its muscles with a market cap of over $6 billion. Bravo, USDe! 👏

The Ethena Price Action – A Comedy of Errors?

The market structure for ENA was as bearish as a grumpy old troll under a bridge. Lower highs? Check. Lower lows? Double-check. But wait! Along came the 61.8% and 78.6% Fibonacci retracement levels, dangling like a juicy carrot for the desperate bulls. 🥕

Meanwhile, the A/D indicator looked like it had been on a strict diet since December—steadily shrinking without a single cheat day. This lack of buying volume screamed louder than a banshee: “No bullish conviction here!” And just like that, ENA’s weakness during the recent liquidation event was explained. Mystery solved, folks! 🔍

Now, while some altcoins and even the mighty Bitcoin [BTC] might dust themselves off and hope for a recovery, our dear ENA seems destined to struggle. Why, you ask? Those pesky token unlocks, of course! 🗝️

But don’t despair just yet, traders! The $0.5 level and the $0.437 level are like loyal old friends, offering support when all seems lost. The $0.5 level even has a fancy a bullish order block from November that sparked a rally. How noble! 🏰

If ENA somehow manages to climb beyond the recent lower high of $0.678, the market structure might just take a turn for the bullish. Fingers crossed! 🤞 But beware, the $0.68 region is a short-term resistance determined to play hard to get. 😏

On the flip side, a tumble below $0.5 could be an open invitation for short-sellers to join the party, with $0.437 as their next target. Will ENA survive this rollercoaster? Only time will tell! 🎢

2025-02-06 00:09

The Ethena Price Action – A Comedy of Errors?

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