$ENA /USDT BEARISH OUTLOOK: POTENTIAL DOWNTREND CONTINUES 📉

Here's a technical analysis of the ENA/USDT chart:

Key Levels:

* Current Price: $0.2871

* 24h High: $0.3162

* 24h Low: $0.2852

* Immediate Resistance: Around $0.2900 - $0.2920 (previous support now acting as resistance, and the area where the price recently bounced before continuing its descent).

* Stronger Resistance: The 24-hour high of $0.3162.

* Immediate Support: The 24-hour low of $0.2852 is acting as immediate support. A break below this could see further downside.

* Next Potential Support: Looking at the chart, historical data not fully visible but a move below $0.2850 could target levels around $0.2800 or lower.

Market Next Move (Bearish):

The chart shows a clear downtrend with lower highs and lower lows forming. The price is currently hovering near its 24-hour low, indicating significant selling pressure. The red candlesticks are dominant, reinforcing the bearish sentiment.

Trade Setup (Short Entry):

Given the prevailing bearish trend, a short trade setup seems more probable.

* Entry: Consider a short entry on a confirmed break below the immediate support of $0.2850, or on a retest of the $0.2900-$0.2920 resistance area if the price attempts a minor bounce.

* Take Profit (TP):

* TP1: $0.2800 🎯

* TP2: $0.2750 🎯

* TP3: $0.2700 🎯

* Stop Loss (SL): Place your stop loss above a recent resistance level to mitigate risk. For a short entry near $0.2850, a stop loss at $0.2950 or slightly higher would be reasonable. If entering on a retest of $0.2900-$0.2920, place the stop loss above $0.3000. 🛑

Risk Management:

Always use proper risk management. Allocate only a small percentage of your trading capital per trade (e.g., 1-2%). Define your stop-loss before entering the trade and stick to it. Never risk more than you can afford to lose. 🛡️💰

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