A special news for $ENA 💥

A gift by #Wordssmith

ENA/USDTLtp 0.5113

bearish

SELL

Entry0.511Target0.505Stop Loss0.515

70%

Trade Confidence

SupportsResistances

0.510.5050.5

0.5150.520.525

Chart Patternsdescending trianglehead and shoulders

Additional Analysis

The chart shows a descending triangle pattern, typically indicative of a bearish trend. The recent price action also suggests a head and shoulders pattern, reinforcing the bearish sentiment. The RSI is below 30, indicating that the asset is currently oversold, which might suggest a short-term bounce but overall indicates weakness in the trend. Furthermore, the MACD has formed a bearish crossover, supporting the sentiment of a potential downward movement. The price is also trading below the 50-day moving average, which acts as a resistance level, adding to the bearish outlook. Given these technical indicators, a sell recommendation is advised with a target price set lower than the entry price, ensuring a favorable risk-reward ratio.