Ethena's $0.0765 lifeline snaps as ENA charts rewrite the bear playbook 📉

Ethena [ENA] broke below its multi-month swing low on renewed selling pressure, with the token's price action now reflecting a firmly bearish short-term structure across multiple timeframes. According to CoinMarketCap data, ENA was last down 4.23% in 24 hours, with daily trading volume declining 7.3% as speculative interest faded. On 05 April, ENA had set a swing low at $0.0765 before rebounding to $0.14 by 10 May; that recovery has since been fully erased.

Market indicators pointed to persistent supply. Open Interest declined alongside spot Cumulative Volume Delta, which trended downward over the past week, while the funding rate slipped into negative territory on multiple occasions. The $0.0765 support level failed to hold on a retest, allowing the bearish impulse to extend toward the 23.6% Fibonacci extension at $0.0711, plotted from the late-May downturn between $0.14 and $0.084. The 61.8% retracement at $0.118 was tested as resistance last week before the move lower.

Technical signals reinforced the directional bias. Moving averages and price structure on the 1-day chart both aligned bearishly after the April rally briefly shifted structure bullish when $0.12 was breached. A bounce toward $0.082 remains possible, but the $0.086 resistance would need to be reclaimed for any trend reversal signal, per the technical setup.

Beyond price action, Ethena's team has begun an expansion into real-world asset tokenization. According to prior AMBCrypto reporting, the project is exploring AAA Collateralized Loan Obligations (CLOs) as a mechanism to reduce correlation with crypto market swings.