Crypto analyst Alan Santana has conducted a detailed analysis of the Ethena token, ENA, and identified bearish momentum in its chart patterns. ENA's price has dropped 5.66% in the past 24 hours, pushing its market cap below $1 billion. Santana found an inverted Head & Shoulders (iH&S) pattern on the chart, but a rejection has caused ENA to fall below the neckline, indicating a bearish trend. Santana notes that the RSI is showing bearish divergence and suggests that a further drop could occur. He also mentions a secondary resistance line that could act as a breakout point if ENA rebounds. Meanwhile, Ethena has chosen Coinbase Prime for its wallet and custody needs, which will enhance security and access for users of its Ethereum-based protocol. Santana advises traders to exercise patience and timing if they seek a recovery.
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