Ethena (ENA) Slides Below $0.30 as Bearish Signals Intensify

• Ethena (ENA) fell 8.13% to $0.2929, with a sharp 41.31% drop in trading volume.
• The market cap declined to $1.62B while TVL was held at $5.25B

Ethena (ENA) traded at $0.2929, marking an 8.13% daily decline. Its market cap dropped by 8.24%, standing at $1.62 billion. With a 24-hour trading volume of $100.6 million, ENA’s activity fell sharply by 41.31%

Despite the slump, its market cap ratio held at 6.06%, hinting at persistent, albeit weaker, trading interest. The token’s fully diluted valuation reached $4.39 billion, while its circulating supply remained at 5.55 billion ENA out of a total 15 billion. Ethena’s TVL stood strong at $5.25 billion, keeping its market cap to TVL ratio at a modest 0.3117.

Will ENA Bounce Back?

Currently, ENA trades under heavy pressure. The latest four-hour chart shows bearish momentum accelerating. Price broke below the $0.30 level, now acting as immediate resistance

If ENA fails to reclaim that, it risks dropping to the next support near $0.285. A breakdown below $0.285 could open the door to further losses toward $0.270. Conversely, if buyers regain control and push past $0.30, the next resistance lies around $0.325, a previous pivot zone.

The RSI stands at 33.46, signaling oversold conditions. However, its 14-period average of 41.05 remains higher, indicating that bearish strength hasn’t been fully exhausted. Unless the RSI rebounds above 40, downward pressure may persist

Simultaneously, the CMF shows a reading of -0.06. This confirms that capital continues to exit the market, supporting the broader bearish case. The moving averages reinforce the caution. There is no visible bullish crossover on the short-term scale. The 9-period EMA crossed below the 21-period EMA last week, maintaining the bearish crossover

Ethena faces technical strain. The loss of key support zones aligns with the deteriorating on-chain sentiment. Yet, the RSI hovering near oversold and the CMF slightly below zero suggest a pause or bounce may occur if volume returns

Still, the lack of bullish crossover keeps caution as the base case. Unless ENA reclaims $0.30 decisively and breaks the $0.325 level, momentum favors sellers. Market participants should monitor volume inflows and RSI movements

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