Over $650M in crypto liquidations as Ethena Lido Pump.fun slide amid bearish momentum

Over $650 million in cryptocurrency market liquidations were recorded in recent trading sessions, with Ethena (ENA), Lido (LDO), and Pump.fun (PUMP) among the hardest-hit assets [1]. Coinglass data shows that long liquidations totaled $502 million, compared to $164 million in short liquidations, indicating a broad sell-off driven by rising overhead supply pressures and deteriorating bullish sentiment [1].

Ethena, currently trading at $0.6881, has posted a three-day downward trend, nearing a key support level near $0.6500 formed by the August 2 and August 21 lows [1]. A close below this level could accelerate the decline toward the 50-day Exponential Moving Average (EMA) at $0.5876, with further support seen at $0.5122 [1]. The Moving Average Convergence Divergence (MACD) and its signal line continue to trend downward after a sell signal was triggered on August 15, with bearish momentum evident from the consecutive red histogram bars [1]. The Relative Strength Index (RSI) is currently at 53, just above the midpoint, and a move below this level could trigger a surge in selling pressure.

Lido extended its losses from Sunday, down 1% at the time of reporting, pushing the cumulative decline to 6.27% [1]. A double top pattern is forming on the daily chart, with the RSI flashing bearish divergence as it creates lower highs [1]. A close below the $1.2250 support level could drive the price toward the 200-day EMA at $1.1046 [1]. However, a break above $1.6230 could reverse the trend and push the price toward the $1.9590 level, a previous peak from February 17 [1].

Pump.fun is currently at $0.002886, down nearly 7% from Sunday, and is forming a falling wedge pattern on the 4-hour chart [1]. The RSI at 40 on the 4-hour chart signals increasing selling pressure and a move toward oversold territory [1]. If the current support at $0.002744 fails, the token may test the $0.002579 level [1]. A reversal from this support could see the price test the 50-period EMA at $0.003102, bringing it closer to the upper boundary of the wedge pattern [1].

The broader market shows no immediate sign of reversal, with key altcoins under continued downward pressure. Technical indicators and liquidation data suggest that further declines are likely unless a strong bullish catalyst emerges to shift market sentiment [1].

Source: [1] Crypto market bleeds over $650M: Ethena, Lido, Pump.fun ... (https://www.fxstreet.com/cryptocurrencies/news/crypto-market-liquidations-cross-650m-ethena-lido-pumpfun-lead-losses-202508250248)