1. Daily Chart (1D):
• Trend Analysis:
• ENA is currently in an uptrend, evidenced by higher highs and higher lows.
• The recent breakout above resistance around $0.94-$0.96 suggests strong bullish momentum.
• Indicators:
• RSI: Around 51-65, showing neutral to moderate bullish strength, but not yet overbought.
• Bollinger Bands: The price is moving close to or above the upper band, suggesting bullish momentum but caution for potential consolidation or retracement.
• MACD: Showing bullish crossover, with the MACD line above the signal line, indicating upward momentum.
• Key Levels:
• Support: $0.94 (recent breakout level) and $0.88 (previous swing low).
• Resistance: $1.12-$1.15 (recent high zone).
2. 4-Hour Chart (4H):
• Trend Analysis:
• Clear bullish continuation pattern with some consolidation near $1.00.
• Bulls are defending the $0.94-$0.96 zone, suggesting strong buying interest at that level.
• Indicators:
• Stochastic RSI: Around 70-80, indicating short-term overbought conditions, signaling a potential pullback or consolidation.
• MACD: Momentum remains strong, but the histogram shows a slight weakening, which may lead to a temporary consolidation.
• Price Action:
• Price has formed a bull flag pattern, which is typically a bullish continuation signal.
• Key Levels:
• Immediate Support: $0.96.
• Immediate Resistance: $1.03.
3. 1-Hour Chart (1H):
• Trend Analysis:
• Short-term uptrend continues, but the price appears to be consolidating near $1.00-$1.03.
• Momentum may weaken temporarily, especially with multiple failed attempts to break above $1.03.
• Indicators:
• Bollinger Bands: Narrowing bands suggest reduced volatility, which may lead to a breakout soon.
• Stochastic RSI: Overbought conditions at 80+, signaling a potential short-term pullback.
• Volume: Declining volume during consolidation, indicating less participation.
• Key Levels:
• Support: $0.98 (intraday) and $0.94 (stronger support).
• Resistance: $1.03-$1.05.
Conclusion and Trade Strategy for ENA/USDT
Short-Term Strategy (1-3 Days):
• Bullish Scenario:
• If the price breaks above $1.03 with volume, the next target could be $1.12-$1.15.
• Bearish Scenario:
• If the price breaks below $0.94, expect a retest of $0.88-$0.90.
• Trade Setup:
• Entry: Around $0.98-$1.00 on consolidation.
• Stop-Loss: Below $0.94.
• Take-Profit: $1.12 (first target) and $1.15 (second target).
Medium-Term Strategy (1 Week+):
• Trend Continuation:
• As long as the price remains above $0.94, maintain a bullish outlook.
• Look for potential accumulation during consolidations near $1.00 for a medium-term target of $1.15-$1.20.
Risk Management:
• Use a risk-reward ratio of at least 1:2 or 1:3.
• Allocate 2-3% of your capital per trade to manage risk effectively.
