Ethena's price has fallen by 6% over the past 24 hours, with trading volumes dropping by 34%. Here's a look at the current market situation and potential alternatives.
Current Market Situation for Ethena
The ENA price has decreased by 23% over the past week. Initially attempting to break resistance at $0.80, the price fell to $0.55 after the US initiated a trade war. The market recovered slightly to $0.70, but resistance rejected it again, leading to a continuous decline.
Ethena Price Forecast
This week, Ethena has seen a slow descent, with narrow Bollinger Bands except during short periods when support was broken. Its RSI shows a similar pattern, where attempts to rise above the 50 mark were promptly followed by sharp declines back to the oversold zone.
Alternatives for Ethena Traders
With Ethena's price likely to dip further, traders might look to more promising alternatives such as Wall Street Pepe (WEPE). This meme coin is currently in its ICO stage, having raised over $70 million.
Despite Ethena's price decline, traders are advised to consider alternative cryptocurrencies that might offer better growth potential.
