ENA cryptocurrency is experiencing a significant decline, fueled by bearish technical signals, increased selling pressure in both spot and derivative markets, and a drop in open interest. The coin could fall to $0.454, representing a 49% drop from its current price.
ENA has already shed 11.89% of its market value, with losses extending into the last 24 hours as the token dropped another 2.01%. Given the current market structure and prevailing bearish trends, ENA is likely to face further declines, with the price possibly establishing new lows.On the 4-hour chart, ENA appeared to be forming a head and shoulders pattern, a bearish technical signal. The pattern is nearly complete, potentially just one candlestick away from confirmation.
If the pattern fully forms, ENA could enter another bearish phase. A drop below the support level, commonly referred to as the neckline, would likely trigger a significant decline in price. The chart indicates that ENA could fall to $0.454, representing a steep 49.10% drop from its current price of $0.92. Without a strong support to absorb the selling pressure at this level, the token could face even deeper losses.Market activity has further contributed to the bearish outlook, with traders intensifying the ongoing selling pressure.The derivative market was experiencing high selling pressure, with sellers dominating trading activity.A negative Funding Rate means that short traders are paying a premium to maintain their positions, reflecting a bearish sentiment in the market.Should the Funding Rate decline further, ENA’s price could likely to face additional downward pressure, potentially reaching $4.5 as indicated on the chart. ENA’s Open Interest has also dropped over the past 24 hours, decreasing by 2.43% to $558.53 million. This indicates a reduction in active positions, as market participants close trades amid mounting selling pressure. This behavior is often a show of efforts to avoid liquidation and limit further losses, a key sign of diminishing confidence in the market. The Exchange NetFlow data supports this bearish outlook. Over the past four days, there has been a noticeable decrease in the volume of ENA tokens leaving exchanges
CRYPTO ENA PRICE BEARISH TECHNICAL SIGNALS
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
POL Price Prediction: Bearish Sentiment Dominates, Deeper Losses ImminentAMBCrypto's analysis reveals that POL's downtrend is far from over, with several on-chain indicators pointing towards deeper losses in the near term. Exchange reserves have surged, suggesting a limited potential for a reversal.
Read more »
Polkadot (DOT) Price Faces Correction as Bearish Signs EmergePolkadot (DOT) sees a 2% price increase but faces potential correction due to bearish signals on its one-day chart. The head and shoulders pattern, coupled with declining trading volume and network activity, suggests a possible downtrend.
Read more »
XLM Price Prediction: Bearish Outlook and Potential 30% DropXLM is facing significant selling pressure and a possible price decline. Technical analysis suggests a breach of support levels, potentially leading to a 30% drop to $0.225. On-chain data shows a large inflow of XLM to exchanges, indicating long-term holders are selling. Traders are also liquidating positions, suggesting a bearish market sentiment.
Read more »
XRP Price Prediction: Bearish Bias Despite Bulls Defending $2 ZoneAlthough XRP bulls have successfully defended the $2 price zone, a bearish bias is present in the daily timeframe. A drop below the $2 zone could lead to a deeper retracement towards $1.4 or even $1, potentially presenting a buying opportunity for swing traders. Despite the bearish momentum indicated by the Awesome Oscillator, strong buying interest in the $1.96-$2.2 demand zone and rising A/D indicator suggest steady buying pressure.
Read more »
Render Price Analysis: Bearish Trends and Whale ActivityRender's price is facing bearish pressure despite recent whale activity. Technical indicators suggest a potential for consolidation, but key support and resistance levels will be crucial to watch.
Read more »
Polygon (POL) Price Plummets as Whales Sell, Retail Traders Embrace Short PositionsPolygon (POL) experiences a significant price decline as whales offload their holdings, fueling a bearish trend that attracts short positions from retail investors.
Read more »