Ethena (ENA) briefly bounced up to $0.12 before being quickly rejected, while the long-term structure remains bearish and technical signals suggest a risk of a deeper correction to lower levels.
Following a strong rally accompanied by high Open Interest and Volume , selling pressure has returned to dominate in the last 48 hours. ENA is currently about 15% lower than its local peak of $0.12, making a break below $0.12 and a further decline a significant possibility.
- ENA rose to $0.12 before being rejected, indicating that selling pressure remains dominant.
- The long-term bearish structure has lasted for many months, and trend and money flow indicators support the bears.
- The $0.1 mark is at risk of being breached, with the next technical target being the $0.085 region.
ENA prices remain dominated by a long-term downtrend.
Over the past eight months, rallies in the ENA have typically lasted only 1–2 weeks before the downtrend resumes, reflecting a long-term market structure that remains skewed towards the selling side.
After peaking around $0.80, the price of Ethena has been continuously declining since August. By mid-January, the price broke through the support zone of $0.21. At the time mentioned, ENA was only slightly above $0.10, indicating that the downward trend was still ongoing.
This development is equivalent to a drop of approximately 50% in 5 weeks, highlighting the risks when altcoins lose major support zones: prices can slide rapidly due to sentiment, leverage, and thinner liquidation compared to large - cap assets.
On the weekly chart, the Directional Movement Index shows a sharp downward trend since October. The Money Flow Index (MFI) is also declining, while the A/D indicator has also formed new Dip . This combination is generally interpreted as weakening money flow and increasing selling pressure, reinforcing the bears' advantage in recent months.
The rebound to $0.12 has completed its "short-term target" and has been rejected.
A bullish divergence helped ENA jump to $0.12, but this area quickly became a point of rejection, indicating that buying pressure was insufficient to sustain the upward momentum.
A bullish divergence on the momentum indicator triggered a rebound to $0.12. Prior to this, the increase in Open Interest along with high volume during the day often suggests short-term bullish sentiment.
However, after touching the $0.12 region, the price was pushed back, and in the following 48 hours, sellers regained control. The fact that ENA has fallen by about 15% from its local peak suggests that demand at the highs is unsustainable, especially when the overall trend remains downward.
In Fibonacci analysis, the 78.6% level at $0.123 was not tested before being rejected. This "failure to touch" followed by a reversal sometimes reflects a lack of buying pressure to complete a technical rebound, and confirms that sellers reacted early and aggressively at nearby resistance levels.
To monitor short-term volatility around resistance levels like $0.12, traders can observe Open Interest, funding, and liquidation clusters in the Derivative market; a practical approach is to use analytical tools and perspectives on BingX to assess leverage risk as prices approach levels that are likely to trigger liquidations.
The $0.1 mark is currently a key area, and $0.085 is the next technical target.
If the ENA breaks below $0.1, there is a high probability that the price will continue to slide towards the $0.085 region, following the technical expansion levels mentioned.
At the time in question, the ENA was just above $0.10 after being rejected at $0.12. When a short-term rebound fails within a long-term downtrend structure, the psychological round-number threshold often becomes a decisive test point for both buyers and sellers.
The next Fibonacci extension downwards is identified at $0.085. In a continuing downtrend scenario, this area could become the next "price pull point," where the market seeks liquidation and retests genuine demand.
Short-term risk summary: The possibility of ENA falling below $0.1 USD is considered significant, with an expected downside margin of approximately 7%–15% in the following week, as stated in the original text. However, volatility can change rapidly as short-term capital flows and market sentiment reverse around support levels.
Frequently Asked Questions
Why did the ENA increase to $0.12 and then get rejected?
The upward movement may be driven by bullish momentum signals, rising open interest, and high volume . However, the long-term structure remains bearish, so the $0.12 level quickly became a profit-taking point, and selling pressure returned to dominate.
How important is the $0.1 mark to ENA?
$0.1 USD is a psychological threshold and the price zone that ENA is holding onto after falling below $0.12 USD. If it breaks below $0.1 USD, a further decline will become clearer as buyers will no longer be able to hold the nearest key area.
What is the next target reduction for ENA that has been mentioned?
The next technical target is identified as the $0.085 level based on the Fibonacci extension on the downside. This is a potential target for the market if selling pressure persists and the $0.1 level is broken.
