Ethena Price Declines Sharply! In June, will ENA Price Reclaim $1?
Ethena Price Loses Prominence after Will June See a $1 Recapture in ENA Price?
Over the past few days, there has been a noticeable spike in the price action of Ethena (ENA), indicating a rise in the altcoin’s popularity in the cryptocurrency market. But near the $1 mark, the bulls showed poor price activity, which caused the price to lose momentum.
Over the course of the last day, the price of ENA has decreased by 4.28%. Nonetheless, the cryptocurrency has increased by 3.89% over the last seven days and 11.89% over the previous month, suggesting that opinions on it are divided.
The price of ENA is unable to overcome its resistance level.
For more than a month, Ethena’s ENA token fluctuated between $0.750 and $0.975 in a restricted range. The Ethena price gained pace and effectively broke through the barrier level as market volatility increased.
Nevertheless, the bulls lost steam, and the price pulled back inside the range.
View of Trading: ENA/USDT
With a market capitalization of $1.431 billion, a circulating quantity of 1,520,312,500 ΕNA tokens, a trading price of $0.951, and an Ethereum-based altcoin, it has managed to claim the 69th spot in the top 100.
digital currency.
In the 4H time period, the SMA records a bearish crossover, signalling a rise in selling pressure in the cryptocurrency market.
The green histogram of the technical indicator MACD shows a steep decrease, signifying a significant negative reversal in the cryptocurrency market. Additionally, the averages indicate a strong likelihood of a bearish convergence, implying a dismal future for the altcoin.
When Will ENA Price Get Back to $1?
If the bulls pick up steam, the price will revisit its $0.975 resistance level. Furthermore, the market’s maintenance of that price will pave the way for the ENA
This month, the cryptocurrency price will test its upper resistance level of $1.175.
In contrast, the market will drop towards its critical support level of $0.750 in the near future if the bears maintain their hold on the market.