ENA/USDC: Bear Trap in Formation? Complete Technical Analysis!

The ENA/USDC pair held in the 618 Fibonacci region, one of the most important supports for the continuation of the uptrend. But is this a good sign? Let's analyze!

📊 618 Fibonacci Region Defended

The 0.6678 – 0.6718 zone (close to 618 Fibo) acted as support.

This area is where institutional and large players usually accumulate liquidity.

The defense of Fibo is a good sign, but it needs confirmation!

🔍 Bear Trap in Formation?

The price may be forming a bear trap, that is, a false downward movement to capture liquidity before rising.

To validate this hypothesis, a strong daily close above the moving averages and local resistances is necessary.

📈 What to Watch For?

1️⃣ 8-week and 14-week (56-day and 98-day) moving averages: If the price breaks and closes above them, it confirms the recovery.

2️⃣ Volume: An increase in buying volume reinforces the credibility of the movement.

3️⃣ Bullish Structure: If the next candles form ascending lows, it strengthens the bullish trend.

4️⃣ RSI: Currently at 43.29, still far from overbought, which gives room for a possible upward movement.

🚨 Pay Attention to Key Levels!

📌 Resistances: 0.7683 - 0.7939 - 0.8012

📌 Supports: 0.6718 - 0.6209

If the price breaks and closes above the moving averages, the long-term uptrend remains intact. Otherwise, we should monitor possible rejections.

💬 What do you think? Is ENA preparing a rally or is there a risk of a new decline? Comment below! 👇🔥