The cryptocurrency market opened the week in the red, recording over $666 million in total liquidations in the last 24 hours, with long positions accounting for a staggering $502 million of the wipeout. This outsized liquidation of bullish bets highlights mounting overhead pressure and a fragile risk environment across digital assets.
Among the worst-performing altcoins were Ethena (ENA), Lido DAO (LDO), and Pump.fun (PUMP)—each facing technical stress and growing downside momentum as investors reevaluate exposure amid macro uncertainty and broader market weakness.
Ethena Extends Pullback Amid Technical Breakdown Threat
Ethena (ENA) is trading at $0.6881 at the time of reporting, having bounced modestly from its intraday low of $0.6744. Still, the synthetic dollar token remains in a short-term downtrend, now printing its third consecutive daily loss.
Technically, ENA eyes a key ascending support line formed by connecting the August 2 and August 21 swing lows—currently near the $0.6500 mark. A daily close below this trendline would confirm a breakdown, exposing deeper support at the 50-day Exponential Moving Average (EMA) at $0.5876, and further toward $0.5122, the August 2 low.
Momentum indicators point to bearish continuation. The MACD and its signal line remain in a declining trajectory following the August 15 bearish crossover, while the red histogram bars below the zero line signal strengthening selling pressure. Meanwhile, the Relative Strength Index (RSI) hovers at 53, still above the midpoint, but at risk of slipping lower—a move that would likely accelerate bearish momentum.
On the upside, a bullish reversal would require ENA to bounce from current support and close decisively above $0.7533, the high from last Friday. Such a move could open the path to $0.8555, the August 11 peak.
Lido Faces Double Top Reversal Risk as Bears Reassert
Lido DAO (LDO) continues to lose ground, dropping another 1% on Monday after shedding 6.27% on Sunday, as it flirts with a double top reversal pattern. The formation—anchored by the twin peaks of August 12 and August 22—warns of exhaustion in the recent uptrend.
The bearish technical setup is corroborated by the RSI, which now reads 58 but has been making lower highs, suggesting a loss of bullish momentum. A decisive daily close below the $1.2250 support—defined by the August 10 low—would confirm the double top and unlock downside potential toward the 200-day EMA at $1.1046.
For bulls to regain control, LDO would need to break above $1.6230, the August 12 high. A sustained move above this level could initiate a rally toward $1.9590, aligning with the February 17 top.
Pump.fun Slips Further as Falling Wedge Pattern Deepens
Pump.fun (PUMP), the meme-launch platform token, is also under pressure, dropping nearly 7% on Sunday and continuing lower during Monday’s session. The token is currently trading at $0.002886, navigating within a descending wedge pattern on the 4-hour chart.
Immediate support rests at $0.002744—the August 19 low. A breakdown below this could prompt a test of the lower wedge boundary near $0.002579.
Momentum indicators paint a bleak short-term picture. The RSI on the 4-hour chart has slipped to 40, approaching oversold territory, while the MACD remains firmly negative after flashing a sell signal on August 24.
However, a bounce from current support could offer near-term relief, with potential for a recovery toward the 50-period EMA at $0.003102, which also aligns with the upper wedge resistance.
