The article discusses the current state of Ethena (ENA), a cryptocurrency, and its price action. It notes that the recent bearish turn in the crypto market has increased the downside risk for altcoins, including Ethena. The price of ENA has been unable to surpass a long-standing resistance trendline and has experienced a downward trend, currently trading at $0.3535. The daily RSI line does not show any bullish divergence, indicating a potential continuation of bearish momentum. The article suggests that there is a risk of a breakdown below the 23.60% Fibonacci level at $0.3236, potentially testing the previous low formation near $0.2634. However, there is optimism for a breakout rally in November if Ethena is able to break above the resistance trendline, with potential targets at the 50% and 78.60% Fibonacci levels at $0.5448 and $0.9579, respectively.
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