#CryptoTrading.
šTechnical Analysis (1 hour) $ENA /USDT
1. Price and Trend: The current price is 0.5649 USDT, down 1.98%. The chart shows a clear long-term downtrend, supported by the 50-day moving average (MA), which is declining. The short-term MAs (5 and 10) also indicate weakness among buyers.
2. Volume: Trading volume (39,450,967) has increased, which may indicate seller activity during a price decline. Increasing volume on bearish candlesticks usually confirms a bearish trend.
3. Technical Indicators:
ā¢ MACD: DIF (-0.0090) and DEA (-0.0095) are close to zero, while MACD (0.0005) is weak and positive. This may indicate a possible exhaustion of the downward momentum, but without a strong signal for a reversal.
ā¢ Stochastic RSI: The values 39.2860 and 39.0161 (MASTOCHRSI) are in the neutral zone, approaching overbought levels. This could signal a potential upward correction if the level breaks 50.
ā¢ Bollinger Bands: The price is close to the lower limit (0.5511), which could indicate oversold conditions. A break below this level could intensify the decline.
4. Support and Resistance: The nearest support is 0.5400, where the price recently rebounded. Resistance is located near 0.5918 (upper Bollinger Band), but the trend does not yet give grounds for a strong increase.
ā ļøConclusion: The current situation looks bearish with signs of a possible reversal due to approaching oversold levels. It is recommended to monitor the breakdowns of 0.5400 (support) and 0.5918 (resistance), as well as the change in volumes and the behavior of the MACD.