🎉 Gate xStocks Trading is Now Live! Spot, Futures, and Alpha Zone – All Open!
📝 Share your trading experience or screenshots on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 July 3, 7:00 – July 9,
Ethena (ENA) Price Dropped 13%, Will it Drop Further?
The past eight months of Ethena (ENA) price movements clearly show how volatile and cyclical the cryptocurrency market can be. From October 2024 to early December, the token’s price jumped rapidly from $0.30 to nearly $1.31. After prices shot up, they fell just as fast, dropping to around $0.36, which is a 73% decrease from the previous highs.
The present technical charts reveal some important points about ENA’s market structure. The RSI is 50.30 at the moment, which means the market is not overbought or oversold. It seems that selling pressure is lessening, but there is not yet enough evidence for a strong upturn
The RSI being above 50 suggests a slight rise in buying, but traders need to see the RSI move above 60 to be sure buyers are still active. According to CMC data, ENA price is currently trading at $0.369 with an intraday drop of 13%, demonstrating bearishness.
Will Ethena (ENA) Make a Comeback?
The ENA MACD indicator gives mixed signals, as the histogram shows the market is currently bearish, but the signal lines are close to zero. It points to a lack of strong direction, just as the market has been trading sideways since February.
Recent social sentiment indicators have shown that people are feeling both very fearful and very greedy. The changing mood among investors suggests retail traders are still involved, but professional traders are waiting for clearer signals.
In the coming days, important resistance levels to watch are the $0.48 area (which is the 200 EMA) and the $0.50 level. A consistent rise above these levels might show that the recovery is beginning. If the $0.30 zone is broken, the ENA price could move down to the $0.20-$0.25 area. At present, it seems wise to wait, since ENA is consolidating after a major drop in its price.
Highlighted Crypto News Today:
Cardano Slips Below $0.80 as Bears Gain Control Over Market