ENA price action is testing the 0.618 Fibonacci retracement, a level in confluence with the 200-day moving average and weekly ASA support. Holding this zone could ignite a 36% rally back toward $0.85.
ENA has retraced into a crucial support cluster that may determine the next major directional move. Currently, price is consolidating around the 0.618 Fibonacci retracement level, which has aligned with both the 200-day moving average and the weekly ASA support. This convergence of multiple technical signals underscores the importance of the current level as a base for continuation.
The 0.618 Fibonacci level, often referred to as the โgolden pocket,โ is one of the most reliable retracement zones for bullish reversals. Historically, assets that respect this level often regain momentum for a move back toward previous highs. In ENAโs case, the zone coincides with longer-term moving average support and a structural weekly level, making it even more significant.
Key Technical Points:
- 0.618 Fibonacci Retracement: Major retracement level aligning with structural support.
- Confluence with 200-Day MA & Weekly ASA: Reinforces the strength of this support cluster.
- Upside Target at $0.85: Holding support opens probability for a 36% rally back to all-time highs.
The 200-day moving average has historically acted as a dynamic level of trend definition. For ENA, the moving average has been reclaimed and is now providing support at the same region as the golden pocket. This combination provides bulls with a technical advantage, signaling that momentum remains intact despite the recent pullback.
Volume analysis around this level will be critical in confirming the next move. If accumulation continues and volume inflows remain above average, the likelihood of a bounce toward $0.85 increases significantly. Conversely, failure to defend this zone could expose ENA to deeper retracements, though the current confluence suggests buyers are willing to defend aggressively.
From a market structure perspective, ENA remains in an overall bullish trajectory. The correction into the golden pocket appears healthy within the broader trend, as long as the $0.62 support cluster holds. Higher lows on the weekly chart would confirm that bulls remain in control, setting the stage for a measured rally back to the all-time high.
What to Expect in the Coming Price Action
If ENA continues to defend the $0.62 region on a closing basis, a rotation back toward the $0.85 all-time high becomes the most probable outcome. Such a move would represent over 36% upside from current levels. Momentum remains constructive as long as buyers maintain control of this confluence support, making ENA one to watch for a potential breakout in the weeks ahead.