$ENA
ENA/USD: Testing Key Support After Recent Pullback
Looking at the 15-minute chart for ENA/USD, the price has seen a significant drop and is currently testing a crucial support level around 0.3060. This level has demonstrated historical significance, acting as a bounce point in the past. On the upside, immediate resistance is identified around 0.3150 - 0.3160, followed by a stronger resistance zone at 0.3300.
Potential Scenarios:
Bounce from Support: If ENA finds strong buying interest at the 0.3060 support level, we could see a rebound. A successful defense of this area would target a move back towards the moving averages (purple and red lines) and potentially a retest of the 0.3150 - 0.3160 resistance.
Break Below Support: If the selling pressure continues and ENA breaks decisively below the 0.3060 support, it would signal a bearish continuation. In this scenario, we'd anticipate further downside, with the next potential target being the recent lows around 0.3020 or lower.
The current price action shows ENA at a critical juncture, attempting to find a bottom at a well-established support. Traders should closely monitor volume and candlestick patterns at this level for clues on the next directional move.
Key Levels to Watch:
Support: 0.3060
Resistance: 0.3150 - 0.3160 (short-term), 0.3300 (stronger)
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