AMBCrypto reported that the Ethena coin (#ENA ) experienced a rise to a local peak of $0.12 on Wednesday, March 4, and over the past 48 hours, sellers have already regained control of the market as the price of the ENA coin is 15% lower than the local peak of $0.12, indicating the possibility of further declines.
Weekly analysis of ENA currency
The technical report revealed that any relief period experienced by buyers over the past eight months did not last more than a week or two at best. Since peaking at around $0.8 in August, Ethena's prices have continued to decline.
When the price broke the support at $0.21 in mid-January, it is currently trading just above $0.1. This represents a 50% decline in just five weeks, serving as a warning to alternative currency investors that losing key support levels can lead to swift losses. The directional movement index has shown a strong bearish trend on the weekly chart since October, with the Money Flow Index (MFI) and the accumulation/distribution line (A/D) continuing to record new lows, highlighting the absolute control that bears have held in recent months.
The sharp reversal from the Fibonacci level of 78.6% confirms the sellers' dominance.
The site reported that on the daily chart, a bullish divergence with the momentum indicator led to a price rebound to $0.12. Fibonacci levels showed that the 78.6% level at $0.123 had not been tested before the rejection, which is an additional sign that the sellers are in control and the market is strongly bearish.
Both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) indicators confirmed this scenario, with the next target for ENA currency set at an extension level of $0.085 downward.
Long-term price forecast for ENA currency
The site analysis concluded that the long-term price movement of ENA currency remains bearish, with the short-term rebound reaching its target and facing rejection. A decline below $0.1 is likely to occur at any time, with an additional expected drop of between 7% and 15% over the next week.
Analysts warn investors of ongoing risks, as the continued dominance of sellers means that any new bullish attempts will be limited and short-lived unless a radical change occurs in the overall market structure.
