$ENA 4H Chart Analysis
ENA/USDT is currently trading at $0.3413, up 1.49% today, but the chart tells a deeper story. Let’s break it down:
Recent Price Action: The price saw a sharp drop from a high of $0.3512 (24H high) to a low of $0.3305, indicating strong selling pressure. This decline aligns with a spike in volume, suggesting heavy market participation during the sell-off.
Recovery Signs: After hitting $0.3305, ENA/USDT has shown a recovery, climbing back to $0.3415. The recent green candles indicate buying interest stepping in, but the momentum seems cautious with smaller candle bodies.
Trend Analysis: The chart shows a bearish trend over the past 180 days (-64.24%) and 1 year (-65.65%). The 7-day performance is down 15.12%, but the 30-day gain of 19.16% hints at some short-term bullish momentum.
Volume Insights: Volume has been inconsistent. The spike during the recent drop suggests capitulation, while the lower volume during the recovery indicates buyers are not fully committed yet.
Key Levels to Watch:
Support: $0.3300 – A break below could lead to further downside toward $0.3000.
Resistance: $0.3512 – A reclaim above this level could signal a stronger bullish reversal.
Outlook: ENA/USDT is at a critical juncture. The recovery attempt is promising, but the overall trend remains bearish. Watch for a break above $0.3512 to confirm bullish momentum, or a drop below $0.3300 for continued downside. Volume will be key to gauge conviction.
What do you think? Let me know in the comments!