Ethena (ENA) experienced a 15% decline from its recent local high of $0.12, reached on March 4, as bearish market trends continue to dominate. Despite a brief rally that saw increased trading volume and open interest, sellers have regained control, pushing the price down to just above $0.10. This marks a 50% drop over the past five weeks, highlighting the challenges faced by altcoin investors when major support levels are breached. Technical indicators, including the Directional Movement Index and Money Flow Index, confirm the strong downtrend since October, with bears maintaining dominance. The recent price bounce to $0.12 was short-lived, as the market faced rejection before reaching the Fibonacci level of $0.123. Analysts suggest that the next target for ENA could be the $0.085 extension level, indicating further potential declines.
Ethena Price Declines 15% Amid Persistent Bearish Trends
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