More than 650 million dollars have been cleared in the crypto market! ENA, LDO, and PUMP lead the fall, with technical indicators releasing downward signals.

The Crypto Assets market came under pressure after opening on Monday, with a total liquidation amount reaching up to $666 million in the past 24 hours, of which long positions accounted for $502 million, far exceeding short positions at $164 million, indicating that long investors have become the main victims. In this wave of dumping, Ethena (ENA), Lido (LDO), and Pump.fun (PUMP) saw the largest declines, with technical indicators releasing further pullback risk signals.

Ethena (ENA): The ascending channel is under pressure, or testing the 0.65 USD support

(Source: Trading View)

Current price: $0.6881 (slightly rebounding from the low of $0.6744)

Technical Pattern: ENA is gradually declining within an expanding ascending channel. The MACD has been trending downward since the death cross on August 15, and the red histogram continues, indicating an increase in short positions momentum.

RSI: 53, if it falls below the midline, it may trigger accelerated dumping.

Key support: 0.6500 USD (trend line), if lost, may test the 50-day EMA at 0.5876 USD, or even the low of August 2 at 0.5122 USD.

Retracement conditions: Recovering 0.7533 USD is expected to restart the upward trend, with a target of 0.8555 USD.

Lido (LDO): Double Top Formation, RSI Bearish Divergence

(Source: Trading View)

Current Price: down 1% from yesterday, continuing a 6.27% fall from Sunday.

Pattern Risk: The daily chart shows a double top pattern formed by the highs on August 12 and August 22.

RSI: 58, forming lower highs and approaching the midpoint, diverging from the price trend, indicating a weakening upward momentum.

Key support: 1.2250 USD (August 10 low), breaking below will release downside momentum, targeting 200-day EMA at 1.1046 USD.

Pullback conditions: A breakthrough of 1.6230 USD (August 12 high) is expected to challenge 1.9590 USD (February 17 high)

Pump.fun (PUMP): Weakening within a descending wedge, or testing $0.002579

(Source: Trading View)

Current price: 0.002886 USD, continuing the 7% fall from Sunday.

Technical Pattern: The 4-hour chart shows a descending wedge formation, and the short-term downtrend cycle has not yet concluded.

RSI: 40, approaching the oversold zone, indicating continued selling pressure.

MACD: After the death cross appeared on August 24, it continued to decline.

Key support: $0.002744 (August 19 low), if lost, may test the wedge lower boundary at $0.002579.

Bounce conditions: If it rebounds from support, it is expected to test the 50-period EMA at $0.003102 in the short term.

Summary and Market Observation

Liquidation structure: The long positions liquidation amount is more than three times that of the short positions, indicating a sharp turn in market sentiment.

Technical commonality: ENA, LDO, and PUMP have all shown breakout or divergence signals, with a bearish short-term trend.

Market Focus:

Is there capital supporting at the key support level?

Will RSI further fall into the oversold zone and trigger a technical rebound?

The impact of macro market news and capital flow on short-term volatility

Conclusion

The crypto market has experienced large-scale liquidation in a short period, significantly impacting bullish sentiment. From a technical perspective, Ethena, Lido, and Pump.fun are all in a critical support testing phase, and if they fail to hold, it will open up greater downside potential. Investors need to closely monitor the performance of support levels and the flow of market funds, and cautiously control leverage and positions.