ENA, LDO, and PUMP are leading the fall as the market sees over 650 million USD liquidated.

Ethena (ENA), Lido (LDO), and Pump.fun (PUMP) kicked off the new week in the red, becoming the focal point of the wave of decline in the crypto market over the past 24 hours. The selling pressure is growing stronger, putting these altcoins at risk of further deep corrections.

The entire market has witnessed a massive liquidation volume of up to 666 million USD, as supply pressure far exceeds demand. Notably, 502 million USD of that came from Long positions, compared to only 164 million USD from Short positions, reflecting a widespread wave of forced exits among the bulls.

Liquidation in the crypto market | Source: Coinglass## Ethena continues to face correction pressure

As of Monday afternoon, Ethena (ENA) is trading around 0.6881 USD, slightly up from the recent low of 0.6744 USD. However, this synthetic stablecoin project has recorded three consecutive falling sessions and is approaching the support line formed from the lows on August 2 and August 21, in the area of 0.6500 USD.

If the price breaks below this level, the downtrend could extend to the 50-day EMA at 0.5876 USD, and further down to the support zone at 0.5122 USD – coinciding with the low on August 2.

Daily ENA/USDT chart | Source: TradingViewThe current technical signals are also leaning towards the bears: the MACD line and the signal line of the MACD indicator are both sloping down after the bearish cross formation on August 15, while the series of red histograms continuously below the 0 threshold indicates increasingly strong bearish momentum.

On the other hand, the RSI index is at 53, hovering above the neutral zone. This movement reflects a weakening buying force; if the RSI slips below the 50 mark, selling pressure may increase significantly, threatening to break the current trend.

On the contrary, a bounce from the support line or a breakout above 0.7533 USD ( Friday's closing level ) could open up room for ENA towards the peak of 0.8555 USD set on August 11.

Lido faces the risk of a double top reversal pattern

Lido (LDO) continues to fall an additional 1% in trading on Monday, extending the losing streak after a drop of 6.27% on Sunday. The governance token of this liquidity staking platform is signaling the formation of a double top pattern, with the peaks established on August 12 and August 22.

On the daily chart, the RSI indicator shows lower highs, coinciding with a double top scenario and suggesting the emergence of a bearish divergence. Currently, the RSI is at 58, approaching the neutral zone, reflecting a clear weakening of buying pressure.

Daily LDO/USDT Chart | Source: TradingViewIf the closing price falls below the support level of 1.2250 USD (the low of 10/8), the selling pressure will be activated, opening up the possibility of testing the 200-day EMA around the mark of 1.1046 USD.

On the contrary, to regain its upward momentum, LDO needs to break through the peak of 1.6230 USD set on August 12. At that point, the upward momentum could extend, bringing the price closer to the area of 1.9590 USD – the peak from February 17.

Pump.fun faces the risk of further fall in the descending wedge pattern

On the 4-hour chart, Pump.fun continues to fall within a descending wedge pattern, extending its downward momentum by 7% since Sunday. Currently, this meme coin token is fluctuating around 0.002886 USD, with the nearest target being the support area of 0.002744 USD (the bottom on 19/8).

Although supported by some short-term support levels, the price is likely to test the lower boundary of the wedge at 0.002579 USD.

PUMP/USDT chart on the 4-hour timeframe | Source: TradingViewThe RSI indicator on the 4-hour timeframe has fallen to 40, approaching the oversold area as selling pressure intensifies. At the same time, the MACD line and the signal line continue to weaken since the sell signal on 24/8.

On the contrary, if PUMP bounces back from support, the recovery momentum could bring the price to test the 50-period EMA line at 0.003102 USD, while also approaching the upper boundary of the wedge pattern.

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