ENA Technical Analysis
Analyzing the ENA chart on a daily time frame, we can see that the price of the coin has been stuck between a horizontal support and a descending trendline for a while, which signals that the market is building momentum before a major breakout. The price trading around $0.6718–$0.70 indicates that the support zone is holding.
In the upper area, the descending trend and the resistance zone between $0.90–$0.94 act as a critical barrier for breaking out of the formation. As the price approaches this level, it will test the strength of buyers.
According to a bullish scenario, ENA needs to close above $0.70 on the daily chart to trigger a potential move toward the key resistance zone; however, this resistance area could bring heavy selling pressure and profit-taking.
According to a bearish scenario, the first support to hold the price is around $0.54. Below it, the price could go down to test lower support levels.
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, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
