ENA Rallies Amidst BTC Sell-Off, But Analysts See Bearish Outlook

Ethena (ENA) bucked the trend amidst Bitcoin's sell-off, rallying by over 33% in recent days. Despite this impressive gain, analysts warn that the bearish outlook for ENA remains intact.

The Fed's decision to keep interest rates unchanged at 3.50%-3.75%, combined with a slightly hawkish tone from new chair Kevin Warsh, led to risk-off sentiment in the market. Bitcoin faced rejection at $67.2k earlier this week and continued its descent, with a potential fall below the $64k local support zone looming.

Meanwhile, Ethena's price climbed higher, despite being part of a broader downtrend. The altcoin's 1-day chart shows a bearish trend continuation, with a new low set at $0.0699 on June 10th. Since then, ENA has surged almost 33% in eight days.

ENAs recent bounce may serve as a selling opportunity for traders, given the altcoin's long-term downtrend and its sensitivity to Bitcoin's price movements. The 4-hour chart shows that resistance levels at $0.094 and $0.099 have proven strong barriers so far.