Ethena (ENA) had a rough week, extending its downtrend with a decline of around 15% in recent sessions. There was a steady series of lower closes, with the price falling below the $0.18 support zone and failing to attract significant buying on the dips.
Source: TradingView
The RSI was near oversold levels, while a negative CMF confirmed capital outflows. Volume has weakened as the week has gone on, so buyers don’t seem very confident.
ENA appears to be in a consolidation phase at the bottom, with the market waiting to reassess the downside risk.
Arbitrum (ARB) is weak with less pace
Arbitrum (ARB) slipped almost 15% with higher selling pressure. The chart shows a breakdown of the $0.20 to $0.21 area, followed by a steady float towards the $0.17 to $0.18 range. Short-term rebound attempts were quickly abandoned, keeping prices capped. The RSI has fallen to the mid-30s, so the bearish momentum is sustained.
As prices consolidate near weekly lows, ARB is in a waiting phase.
Artificial Superintelligence (FET) Alliance Collapses as AI Tokens Lose Momentum
Artificial Superintelligence Alliance (FET) ended the week down, falling just over 8% as selling pressure remained steady. The chart shows a breakdown of the $0.25 region, followed by a slow decline towards $0.22-$0.23. Any attempt at a short-lived rebound was quickly absorbed by sellers.
The RSI was below 40, while the MACD remained firmly negative, a bearish bias persisting. This fall comes as most AI tokens finished the week with double-digit losses.
Other notable losers
The losses were not limited to average values. Solana (SOL) fell around 10%, while Chainlink (LINK) fell almost 11%. Another significant decline came from Sui Network (SUI), which slipped about 16% for the week.
Conclusion…
This week was a good reminder that even when Bitcoin and Ethereum eventually falter, the rest of the market doesn’t all move in the same way. Some traders rushed to take profits, while others looked for strength wherever it appeared.
As always, these movements are not set in stone.
DYOR, manage your risks and don’t let a tough week (or a good week) do your thinking for you.
Same time next week!
Final Thoughts
- The slide in Bitcoin and Ethereum triggered a rotation.
- The market is correcting itself and not collapsing. That’s a good sign.
