Ethena (ENA) Faces Price Decline with Key Support Levels at $0.47, $0.44, and $0.35

Ethena (ENA) is currently experiencing a decline amid a broader crypto market correction, with a 2.00% loss in the past day, bringing prices to approximately $0.55.

Key Support Levels

Support areas identified at $0.47, $0.44, and $0.35 based on the cost basis distribution (CBD) model.
Immediate support levels are around $0.44 and $0.47, with significant price accumulation observed.
If ENA drops below these levels, the next major support is expected at $0.35, indicating a potential 37.5% loss from current prices.
Resistance is noted around $0.60, representing the next price cluster above current levels.

Current Market Status

As of now, ENA trades at $0.57, reflecting a 2.08% decline in the last 24 hours. Daily trading volume has increased by 2.05%. Investor sentiment remains bullish, with 67% of trading days over the past month closing positively. The Fear & Greed Index shows a score of 65, indicating strong risk appetite. However, analysts predict short-term price targets of $0.46 and $0.45 over the next five and 30 days, respectively, with a long-term estimate of $0.46 in three months.