Altcoins News
By James Thorp
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Ethena (ENA) has been experiencing a sharp decline in its market performance, with the token’s price sliding below the critical $0.30 mark. As of April 6, 2025, ENA traded at $0.
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Despite these downturns, Ethena's total value locked (TVL) remains strong, holding steady at $5.25 billion, which has helped maintain a moderate market cap-to-TVL ratio of 0.3117.
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The technical chart for ENA shows a clear bearish trend. As ENA's price fell below $0.30, this level has now turned into immediate resistance.
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The Relative Strength Index (RSI) currently stands at 33.46, which indicates oversold conditions. However, its 14-period average is slightly higher at 41.
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In addition, the Chaikin Money Flow (CMF) indicator is at -0.06, showing that capital continues to exit the market.
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Moving averages (MA) also suggest that Ethena faces technical challenges in the short term. The 9-period exponential moving average (EMA) recently crossed below the 21-period…
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For Ethena to gain back positive momentum, the market will need to see a shift in the short-term moving averages.
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Despite the strong TVL and the current oversold conditions, Ethena’s price is under significant pressure from the broader bearish market sentiment.
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In the short term, market participants should closely monitor key technical indicators such as the RSI, CMF, and volume inflows to determine if a potential rebound could occur.
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