Ethena ($ENA) Experiences Bearish Pressure As Support Level Breaks

Ethena ($ENA) has recently witnessed substantial bearish pressure. In this respect, Ethena ($ENA) has lost the support level of $0.61. As revealed by Ali Martinez, this breakdown of support level is potentially leading toward a plunge toward the $0.50 mark. In the meantime, the traders are currently bracing for additional downturn unless the reclamation of key levels.

Ethena ($ENA) Slumps Below $0.61, Faces Risk of Additional Decline

In line with the exclusive market data, Athena’s ($ENA) loss of the key price support at $0.61 raises concerns for further decline. In this respect, there is a possibility for $ENA to drop down to $0.50 spot. Particularly, the 4-hour performance of the $ENA/$USDT pair on Binance clearly shows a clear push back from the $0.62 mark. Subsequently, a bearish momentum has taken place. Hence, $ENA is presently changing hands at $0.578 and displays a significant risk of a prolonged slump if no resurgence takes place in buying pressure soon.

Bearish Pressure Raises Speculation of Likely Drop to Psychological $0.50 Level

According to Ali Martinez, after losing support at $0.61, $ENA has great probability to drop to $0.50 as the bearish pressure is rising. The analytics reveal the potential of a dip to $0.52 and $0.54 regions ahead of likely plunge to the psychological $0.50 spot. Hence,  the traders are advised to keep in view the potential occurrence of provisional bounces.