The chart shows the ENA/USD pair on Binance, with a pronounced downward trend from its peak of approximately $1.00 to its current price of $0.3968.
🔍 Technical Analysis
Trend:
Clearly bearish with a series of consecutive red candles.
Currently, the price is consolidating in the $0.39-$0.42 range, with possible attempts at recovery.
Supports and Resistances:
Strong support: $0.39 (current price, consolidation zone).
Immediate resistance: $0.45-$0.50 (previous supply zone).
Key resistance: $0.60 (psychological level and last strong bounce).
📉 Possible entry and exit strategy
📌 Scenario 1 (Long Entry – more risky)
Entry: If the price breaks $0.42 with volume.
Stop Loss: $0.37 (recent low).
Take profits:
TP1: $0.50 (previous resistance).
TP2: $0.60 (key psychological level).
📌 Scenario 2 (Short Entry – following the trend)
Entry: If the price breaks $0.39 with volume.
Stop Loss: $0.42 (immediate resistance level).
Take profits:
TP1: $0.35 (psychological level).
TP2: $0.30 (extension of the downward movement).
⚠️ Conclusion
The market is in a strong bearish trend. It is recommended to trade cautiously and wait for breakout confirmations before entering any trades.
