Market participants watch Ethena ($ENA) closely as technical indicators hint at a potential short-term rebound amid a continuous downtrend.
Technical Analysis Overview
Ali noted that the TD Sequential indicator flashed a buy signal on the weekly chart. The latest candle showed a long lower wick, suggesting buyers' attempts to reverse the downtrend. The red ‘9’ candle may indicate a pause or potential rebound.
Market Support and Resistance
At the time of writing, Ethena was priced at $0.4011. A key support level is marked at $0.3529. Traders monitor these points to assess market strength. If support holds, the price may rebound toward resistance at $0.50-$0.58.
Momentum Indicators and Trading Outlook
Stochastic RSI shows readings of 1.39 and 0.93, indicating the asset is extremely oversold. The Directional Movement Index confirms a strong trend with slight bearish bias. Traders may see a rebound if volume increases and DI+ crosses DI-.
Technical indicators and support levels suggest a potential short-term rebound for Ethena. Monitoring the market closely and using technical charts will assist traders in decision-making.
