Ethena (ENA) encountered a shift to a bearish stance within the recent 24 hours as the bullish momentum failed to surpass the intraday high of $0.8196. Bears took charge of the market, driving the price down to an intraday low of $0.738, where it encountered temporary support.

At the current moment, ENA's price has declined by 7%, trading at $0.7407, reflecting an overall downtrend in the digital currency market, which dropped by 2.85% to $2.47 trillion in market capitalization. This downward trend coincides with a notable surge in trading volume, indicating heightened market activity.

During the downturn, Ethena observed a significant 79.50% increase in the 24-hour trading volume, reaching $174.19 million, while the market capitalization of ENA experienced a 7.70% decline to $1.13 billion. This shift implies that although trading activity rose, the overall market valuation decreased, potentially as a result of investors liquidating their assets amid price corrections.