The price of Ethena (ENA) has dropped 18% in the last 24 hours, causing its market cap to fall below $3 billion. However, it still remains one of the top 50 largest cryptocurrencies by market cap. Indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest bearish sentiment but also hint at the possibility of a rebound if conditions improve. Traders are closely watching support levels at $0.89 and resistance levels at $1.01 for ENA's next move. The RSI has fallen to its lowest level since August 2024, indicating oversold conditions and the potential for a price recovery. However, weak investor confidence may keep the price under pressure in the short term. The CMF is currently negative but showing a slight recovery, suggesting that selling pressure may be starting to ease. The EMA lines present a bearish setup, potentially leading to a death cross and further downside momentum. However, if buying interest returns and bullish momentum is regained, ENA's price could challenge resistance levels and aim for $1.31.



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