Ethena Still Struggling to break out of a Falling wedge?
Ethena (ENA) crypto has seen a drastic reduction, shedding over half of its value since reaching a peak in early April. Ranking third in weekly losses, it has dropped over 12%. After an initial surge, ENA has entered a steep decline.
Currently, ENA is undergoing a correction, with the daily chart displaying a falling wedge pattern. The cryptocurrency has lost nearly 50% and currently lacks indications of a rebound.
For a positive trend reversal, it's crucial for buying pressure to build and push the price beyond the $0.918 resistance level. Conversely, if the price remains below the upper trendline of the wedge, further declines could be on the horizon.
Ethena (ENA) crypto has seen a drastic reduction, shedding over half of its value since reaching a peak in early April. Ranking third in weekly losses, it has dropped over 12%. After an initial surge, ENA has entered a steep decline.
Currently, ENA is undergoing a correction, with the daily chart displaying a falling wedge pattern. The cryptocurrency has lost nearly 50% and currently lacks indications of a rebound.
For a positive trend reversal, it's crucial for buying pressure to build and push the price beyond the $0.918 resistance level. Conversely, if the price remains below the upper trendline of the wedge, further declines could be on the horizon.