The price of Ethena (ENA) has fallen by 57% since its peak in December, following the trend of other altcoins like Ethereum and Cardano. Despite the decline, the total value locked in Ethena's network has surged to over $6.12 billion, making it the fourth-largest stablecoin in the industry. ENA has formed a double-top pattern and dropped below the 50-day moving average, indicating bears are in control. However, there is potential for a bullish breakout as ENA is forming a falling wedge pattern and oscillators are approaching oversold levels. A breakout could push the price higher and retest the double-top level at $1.3062. However, a drop below key support at $0.4425 would invalidate the bullish scenario.



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