Ethena (ENA) is currently trading at $0.240066, down 11.34% in the last 24 hours. The daily range has been tight, with a low of $0.237025 and a high of $0.272692, indicating significant volatility over this period.

Volume stands at approximately 298.94 million ENA, representing 16.75% of its market cap, which suggests a healthy level of trading activity despite the price decline. The short-term moving averages indicate bearish momentum, with the 8 SMA at $0.2409 and the 13 SMA at $0.2455, both trending downward.

The 1-hour RSI is at an extremely low 8, signaling oversold conditions, while the 7-day RSI sits at 45, indicating a neutral trend but closer to oversold territory. Over the last 30 days, ENA has lost approximately 38.22%, showcasing a prolonged downtrend since its last high.

In terms of recent performance, ENA has experienced significant drops over the 14-day period (-13.45%) and the 7-day period (-1.25%). The price is currently well below its all-time high of $1.52, reached in April 2024, highlighting a substantial loss of value.

Overall, technical indicators suggest further downside potential in the short term, with resistance levels to watch around the 55 SMA at $0.2726. Given the oversold conditions indicated by the RSI and the recent price action, a cautious approach is warranted.

Therefore, the recommendation for Ethena (ENA) is to Hold. While there may be potential for a short-term rebound given the oversold RSI, the overall trend remains bearish, and further price declines could still occur.