Ethena (ENA), currently the 52nd largest cryptocurrency, is struggling to maintain its position above the $1 psychological level. Despite the recent market decline, it has experienced a 2.55% recovery in the past 24 hours and has seen an 18.45% rise over the past week. The price action on the 4-hour chart shows a rising channel pattern, but the recent pullback has caused Ethena's price to drop nearly 25% and test a local support trendline. However, the price is currently holding above this crucial support level, suggesting the potential for a bullish comeback. The MACD and signal lines are closing the bearish gap and a bullish crossover could trigger a buy signal. Immediate resistance levels for Ethena are at $1.1977 and $1.3361, while key support levels are at $0.8107 and $0.5921.



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