Ethena (ENA) recently experienced an 18% price decline, causing its market capitalization to fall below 3 billion USD. Despite remaining in the top 50 cryptocurrencies, the market sentiment for ENA is currently negative, indicated by the RSI level of 26.4. This suggests a potential for recovery if market conditions improve.

Key indicators like the RSI and CMF highlight Ethena’s current market situation. The RSI dropped to 26.4, the lowest in five months, reflecting oversold conditions and potential recovery. Meanwhile, the CMF, though showing slight recovery, remains negative, indicating persistent selling pressure and a negative market sentiment overall.

The current outlook for Ethena (ENA) reveals critical support at 0.89 USD and resistance at 1.01 USD. A death cross formation could increase selling pressure, potentially pushing the price down to 0.75 USD. However, signs of recovery may present an opportunity to challenge higher resistance levels if market conditions turn favorable.