ENA, the token underpinning the

ecosystem, traded near $0.2402 as traders closely monitored its 4-hour chart, which showed renewed pressure against a key downtrend line. The token's recent performance has drawn attention amid a broader crypto market correction, with analysts noting heightened volatility and mixed signals from institutional flows.

The token's trajectory took center stage following MEXC's

Extravaganza, a month-long campaign that concluded with over 51,000 participants and . The initiative, featuring zero-fee trading, staking pools, and trading competitions, underscored growing institutional and retail interest in the Ethena ecosystem. MEXC's data highlights the platform's role in amplifying liquidity for ENA, a critical factor as the token navigates a bearish technical structure.

Technical analysts have flagged the 4-hour chart as a pivotal indicator for ENA. The asset remains below a descending trendline drawn from its $0.30 peak earlier this year, with the 50-period exponential moving average (EMA) currently at $0.235, reinforcing short-term bearish sentiment.

at $0.210, a level last tested in early October. Conversely, a sustained close above the 100-period EMA at $0.245 might signal a near-term reversal, though such a move would require significant institutional buying.

The broader crypto market has struggled to gain traction, with major assets like

and also facing headwinds. Ripple's XRP, for instance, fell to $1.87 after a $105 million inflow into its newly launched Bitwise ETF failed to spark sustained demand. Meanwhile, Bitcoin ETFs lost $1.9 billion in assets last week, exacerbating risk-off sentiment across the sector. These dynamics highlight the fragile state of market confidence, with ENA's performance likely to be influenced by macroeconomic shifts and regulatory developments.

Despite the bearish technical setup, MEXC's campaign suggests strong underlying demand for ENA. The exchange's data indicates that the token's trading volume surged during the promotional period, driven by both new and existing users. "The response to ENA underscores the community's trust in the ecosystem," said MEXC representatives,

.

Market participants remain divided on ENA's near-term outlook. Optimists point to the token's resilience during MEXC's campaign, while skeptics caution that a breakdown below key support levels could accelerate its decline. The 4-hour chart's pressure on the downtrend line will be a critical focal point, with a failure to hold above $0.230 potentially triggering a cascade of stop-loss orders.

As the crypto market navigates a period of consolidation, ENA's performance will hinge on a delicate balance between institutional inflows and technical pressures. Traders are advised to monitor the 4-hour chart closely, with a focus on the $0.230–$0.245 range as a decisive battleground for the token's immediate direction.

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