On August 27, the ENA [ENA] coin traded near $0.147, maintaining a weekly gain of about 25% after its sharp breakout hit resistance near $0.180.
Key points:
- The price of ENA is still higher by about 25% than its opening price on August 21, which was $0.11717.
- The price corrected by about 18% from the weekly high recorded on August 23 at $0.18023.
- The daily Supertrend indicator is still bullish, with dynamic support near $0.1202.
- Liquidation clusters around the $0.150 and $0.161 levels may determine the next move for ENA.
ENA dips after hitting $0.180
At the time the original article was written, Ethena was trading near $0.147, up about 25% from its August 21 opening price of $0.11717. The coin’s intraday high was $0.18023 on August 23 before sellers took control of the market.
The move from the weekly opening level to the peak was around 54%, and since then ENA has fallen by about 18% from that peak, showing traders took profits after the rapid rally. The daily chart also showed another recovery attempt by buyers on August 27; ENA reached $0.160 during the session but failed to hold the level, returning to the $0.147 area.
That said, ENA is still far above the range that contained its price during most of July and early August, when it was trading mainly between $0.075 and $0.095 before breaking upward around August 20.
FalconX lending facility supports Ethena’s rise
The main catalyst behind ENA’s weekly surge was Ethena’s announced partnership with FalconX to create a $1 billion collateralized lending facility. Under this arrangement, the reserve assets backing Ethena’s synthetic USDe can be used in collateralized loans that exceed the value of the loan and are granted to institutional borrowers. This facility could expand how Ethena deploys its reserves and create an additional revenue stream for the protocol.
Trading activity surged sharply after this announcement; daily ENA volume reportedly exceeded $1.04 billion, an increase of roughly 319%. The bounce came despite generally weaker supportive conditions for alternative coins; Bitcoin dominance rose to about 59.8%, while the altcoin season index fell from 51 to 33, indicating a broader rotation toward Bitcoin and other large-cap assets.
ENA corrected from the $0.180 level after an unusually sharp rally; the coin’s RSI hit 88 during the initial run-up, placing it deep in an overbought zone and increasing the likelihood of profit-taking. Token-holder concentration adds further risk: according to reports, the largest 100 ENA wallets control about 90% of the circulating supply, meaning decisions by a relatively small group of holders could significantly affect short-term price movement.
ENA’s technical indicators show momentum stability
The 4-hour chart suggests ENA’s decline has started to lose some strength, although bullish momentum is not fully gone yet. The 4-hour Relative Strength Index (RSI) reached 51.32, slightly above the signal average of 48.83; this reading near 50 points to balanced momentum rather than overbought or oversold conditions.
The Moving Average Convergence Divergence (MACD) remains negative; the MACD line is at 0.0006, below the signal line at 0.0015, while the histogram is -0.0009. However, the red histogram bars have shrunk, indicating bearish momentum is fading, though the MACD has not yet completed a bullish crossover.
The price has also started forming a potential short-term base between $0.140 and $0.147; buyers defended this area after the coin briefly neared $0.138. However, the repeated failure near $0.150 shows sellers remain active above the current price. On the daily chart, ENA is still above Supertrend indicator support near $0.1202, which turned bullish on the breakout and will continue to support the broader recovery thesis as long as price stays above this level.
The “Bull Bear Power” indicator also stayed positive at 0.0431, even though its bars fell from their last peak—showing buyers still hold the overall advantage, but have lost part of the strength that appeared during the initial rally.
The liquidation map puts $0.150 in the spotlight
The liquidation map for three days issued by CoinGlass shows a close concentration of leveraged positions around the $0.150 level, where ENA was trading directly below this level at the end of the chart—making it the first area likely to influence the short-term trend.
Any move above $0.150 could reveal smaller liquidity ranges between $0.153 and $0.158, with the most prominent upper cluster around $0.161 to $0.162, where the map shows one of the densest bands. Price may be drawn to this area if ENA regains $0.150 with sustained buy support; however, breaking above $0.162 would open the way for a retest of the $0.170 level, followed by the weekly high near $0.180.
On the lower side, there is clear liquidity around the $0.143 to $0.141 range; losing this area could weaken the emerging base over a 4-hour period and push ENA toward $0.138. Without this level, daily Supertrend indicator support near $0.1202 becomes the main structural support, with the 200-day exponential moving average near $0.1268 serving as an additional monitoring zone in case of a deeper correction.
Therefore, ENA needs to hold the $0.138–$0.140 area and reclaim the $0.150 level to strengthen the recovery attempt. Failure to defend this range would increase the likelihood of the breakdown continuing toward the $0.128–$0.120 zone.