The price of ENA has continued to go down since the beginning of June. It has now dropped by 50% since its June high of $1.07. The price action does not show any signs of recovery, with the candlesticks breaking support levels and entering new lows.
However, we could start to see some retracements, as some indicators suggest. The Relative Strength Index, for example, is showing that the price could retrace a bit before the downward trend continues, as it is already in the oversold position, reading an RSI value of 28.
The MACD and Signal lines of the MACD indicators are also close to a support level, still suggesting we could see some bullish retracement. However, it may not be time for a bullish rally.
Ethena’s negative sentiment could be part of a major bearish trend that the Ethereum ecosystem is experiencing. Many ethereum tokens are down as they cool off in anticipation of the start of ETH ETF trading in July or August. ENA could start the recover with the ETH market in coming weeks.
LIDO DAO Plunges Follow SEC’s Wells Notice
LDO’s bearish trajectory has not been as long as that of ENA. However, yesterday saw a strong bearish fall, with the price falling 20% in a single day.
The price was even up by 25% in the last 2 weeks before yesterday’s announcement. However, one could think that buying the dip is the best thing to do.
The recent action of the SEC has been the major reason for LDO being down. Lido received a Wells notice from the SEC, which means that the commission might take some enforcement actions against the protocol. The notice surrounds the protocol’s action of staking Ethereum.
The news sent fear, uncertainty, and doubt into the market, and some started to drop their positions, causing the price to drop by around 25% yesterday alone. However, some analysts believe this could be an overreaction and predict a potential rebound
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However, sometimes it is better to wait for more information and observe how much negative sentiment the news has brought into the market. Sometimes, such news has a longer effect, until it is resolved.
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