ESA’s price dropped 22% in 7 days. What’s next?
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Alejandro Ariche
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ESA fell more than 22 percent last week and recently tested an all-time low. A trader supports a bearish Etna price forecast as the token has dropped below key weekly support.
As of August 2024, data from Diffi Lama shows that the protocol's revenue has been in steady decline, from $4 million back in November to just $50,000, largely due to a decrease in minting fees.
Athena's US dollar distribution suffered a sharp decline, falling to $6.7 billion from a peak of $15 billion in mid-October.
During market turmoil, investors prefer to rely on well-established names in the stable coin space, such as Tether USDT and Circle USDC. So this protocol may be suffering the consequences of a move from flight to security.
Crypto analyst ChiefraT has shared an interesting chart that shows Ethena breaking below its long-term weekly support.
This makes the token situation worse, as the market may be ready to dump the token to determine how low the price needs to be for buyers to show up.
Eterna Price Forecast: ENA faces 50% correction after missing key support.
Trading volume for ESA increased by 33% as the price struggled to stay above $0.20.
The $0.18 area is a key support for ESA to watch because if the token touches that level, it will hit the lower boundary of the descending price channel.
The Relative Strength Index (RSI) remains deeply depressed at 32, indicating an increase in downside momentum.
Meanwhile, if the sell-off continues and ENE is pushed to break below this trendline support, there is nothing to prevent a stronger correction towards $0.10. This means that the overall downside risk for the token is 50% in the near future.
Although the ENE outlook is very slow, high-profile crypto presales such as Maxi Doge ($MAXI) continue to attract investors' attention because this type of project brings the highest upside potential once crypts start to recover.
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