Ethena (ENA) is currently trading at $0.121783, experiencing a 24-hour decline of 4.53%. The daily trading range has been relatively tight, fluctuating between a high of $0.127562 and a low of $0.120574, suggesting reduced volatility in the short term.

Volume stands at 75,881,453, which represents a volume-to-market cap ratio of 7.58%, indicating a moderate level of trading activity. However, the downward trend in price is further supported by the moving averages, with the 8, 13, 21, and 55 SMAs all showing negative performance in the short to medium term.

The 1-hour RSI is currently at 38, indicating oversold conditions, while the 7-day RSI at 45 suggests a lack of momentum for a rebound. Additionally, the significant price changes over longer periods—down 10.76% over the last week, 26.44% over the last two weeks, and 49.17% over the last month—highlight a sustained bearish trend.

Ethena’s all-time high of $1.52 was recorded on April 11, 2024, which provides a reference point for potential recovery, but current market conditions remain challenging. Given the consistent downtrend across various time frames and the current technical indicators, the outlook appears bearish.

In conclusion, the combination of falling prices, negative moving averages, and low RSI suggests further downside risk in the near term. Therefore, a Sell rating is warranted as the market conditions do not support a bullish reversal at this time.