The ENA/USDT 4-hour chart shows Ethena currently trading at $0.3633, down 5.29%. After reaching a peak around $0.4633 in mid-May, ENA has been in a downward trend, breaking below the middle band of the Bollinger Bands (BOLL: 20, 2), which is at $0.3880. The RSI is at 32.87, indicating it's approaching oversold conditions.
Resistance is likely around the middle Bollinger Band and the previous highs. Support can be seen near the lower Bollinger Band, currently around $0.3521, and potentially at the previous low around $0.2565. The recent red candles suggest continued bearish momentum in the short term, but the approaching oversold RSI could signal a potential for a bounce if the lower Bollinger Band holds as support.
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