ENS Technical Analysis
While analyzing the ENS chart on a daily time frame, we see a clear narrowing triangle pattern. The price has bounced from the lower border of this triangle formation. Such formations generally lead to a strong upward breakout. The question is which way the formation will get broken.
ENS is currently trading around the level $22.57. The level at $24.53 stands as the most important resistance in the short term. It is also the upper border of the triangle formation. If this resistance gets broken with great volume, the price could surge to the levels $29.09 and $30.91. These levels are crucial in terms of both horizontal resistances and the triangle’s targets.According to a bearish scenario, the first key support below is $20.68. Below it, the price is likely to test $19.46 and $16.21. ENS is expected to find support here as the lower band of the triangle formation and the horizontal zones overlap.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
