The cryptocurrency Ethena (ENA) is currently testing the support level of $0.50, and traders are closely monitoring whether it will break above $0.705 to regain bullish momentum. Technical indicators suggest a possible reversal, and the TD Sequential indicator has flashed multiple buy signals on the 4-hour chart, indicating that ENA may be primed for a rebound. If the $0.50 support level fails, further downside towards $0.40 could be the next move. However, if the price breaks above $0.705, momentum could shift in favor of the bulls, potentially leading to a rally towards $1.00. Market analyst Ali has noted multiple buy signals from the TD Sequential indicator, indicating a potential reversal. The Relative Strength Index (RSI) suggests oversold conditions for ENA, while the MACD indicates bearish conditions but with a potential crossover to the opposite trend. A decline in open interest in the derivatives market suggests reduced speculative activity, but an increase in open interest could indicate renewed confidence in ENA's price direction.



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