ENA Price Falls Below Support as Ethena Launches Rewards

Sean Williams
Ethena Labs

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  • ENA price broke below $0.61, with $0.50 as the next key support.
  • Ethena launched a rewards program for verified early contributors.
  • Market sentiment hinges on balance between technical weakness and reward-driven activity.

Ethena’s native token, ENA, slipped below a crucial support level at $0.61 this week, signaling growing downside risk for traders. At press time, ENA trades at $0.5966, reflecting a 3.4% gain in the past 24 hours. While short-term recovery attempts are visible, technical indicators suggest that further weakness could push the token toward the $0.50 zone, a level many market participants are watching closely.

The token’s repeated failures to hold higher ground—first near $0.82, then $0.74—have added to selling pressure. The current breakdown places immediate support at $0.5596, with resistance capped around $0.5969, leaving ENA in a tight trading range.

Technical Outlook Points to $0.50

Analysts warn that unless ENA regains momentum above $0.61, the market remains vulnerable. The $0.50 level now stands as the next critical support, where traders may reassess sentiment. A decisive move below this threshold could accelerate bearish momentum, while any sustained rebound above resistance could restore confidence in the short term.

Market watchers remain cautious, noting that each failed attempt at recovery has historically triggered sharper declines. The balance between technical weakness and any demand resurgence will shape near-term trading behavior.

Ethena Rewards Early Contributors

Amid price turbulence, Ethena has rolled out a rewards initiative targeting early supporters of its ecosystem. The program applies to verified ENA and USDe holders who participated in the project through holding, supporting, or engaging in its network.

Also Read: M2 Capital Invests $20M in Ethena ENA Token to Expand Middle East DeFi Adoption

Eligibility is based strictly on historical activity, ensuring only genuine early contributors can claim rewards. While distributions remain unclaimed, users are encouraged to check their status promptly. The program reflects Ethena’s effort to reward loyalty and reinforce long-term community engagement.

Market Outlook

The ENA market now sits at a crossroads. On one side, technical weakness threatens deeper losses; on the other, reward-driven incentives may spark renewed participation. How these two forces interact could determine whether ENA stabilizes—or slides further—over the coming weeks.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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