Ethena Becomes Top Loser After Falling 7.92% in One Day

Ethena (ENA) became the top loser today after falling 7.92%, bringing its price down to US$0.6829 on CoinMarketCap, Monday (19/08).
The ENA token is currently facing significant bearish pressure after breaking below the key support level at the 38.2% Fibonacci retracement level at US$0.67194 and the 7-day moving average (SMA) at US$0.75124.
The movement indicates the breakdown of the bullish structure that has formed since mid-July, worsened by the now negative MACD histogram (-0.0064631), signaling increasingly strong selling momentum.
The pressure experienced by ENA seems to be exacerbated by automated trading systems and massive liquidations, where Bitcoin derivatives recorded liquidations worth $90.5 million according to CoinMarketCap data.
If the price continues to weaken and breaks below the Fibonacci 50% level at US$0.61635, then the potential decline to the 200-day EMA at US$0.45152 becomes a scenario to watch out for.
On the other hand, the stablecoin sector is facing uncertainty following news that traditional financial giants like Circle and Stripe are developing their own stablecoin networks.
Although Ethena's USDe still dominates with a total value locked of (TVL) over US$10 billion, the threat from competitors backed by traditional banking relationships could disrupt the medium-term adoption of projects like Ethena's "Internet Bond." However, the 11% yield from sUSDe remains attractive to investors seeking high yields amidst market volatility.
Whale activity shows divergent signals. The purchase of ENA worth US$2.48 million by Arthur Hayes on August 15 was unable to withstand the broader wave of profit-taking, as seen from the 24-hour token turnover ratio reaching 13.2%, indicating high liquidity and intense speculation.