Ethena Price Plummets 13%, What’s Next for the Token?

Ethena (ENA) experienced a significant price correction, dropping 13% to reach levels around $0.36. The token has retreated from its December highs of $1.31, showcasing the volatility inherent in the cryptocurrency market. While current technical analysis points to neutral momentum with a slight rise in buying pressure indicated by the RSI at 50.3%, it remains below the 200-day EMA suggesting a bearish trend. The MACD indicator shows mixed signals with a slight bearish bias, while recent social sentiment reveals investors are experiencing both fear and greed.