$ENA /USDT Analysis: Bearish Momentum Suggests More Decline
Current Price: $0.8840 (down -25.04% in 24 hours)
$ENA has experienced a significant drop, currently trading at $0.8840, after breaking through key support levels. The 24-hour low reached $0.8637, indicating strong bearish pressure and the potential for continued downward movement.
Key Levels to Watch:
Support: $0.85 – A breakdown below this level could lead to further declines toward $0.80.
Resistance: $0.91 – A recovery above this point might push the price to $0.96 or higher.
Trade Setup:
Short Entry: Enter below $0.8630, targeting $0.85 and $0.80.
Long Entry: Wait for a break above $0.91, with targets at $0.96 and $1.00.
Risk Management:
Stop-loss: $0.88 for short trades; $0.85 for long trades.
Market Insight:
Bearish sentiment and declining volume suggest further weakness. However, a potential bounce near $0.85 could offer short-term recovery opportunities. Traders should proceed cautiously and manage risk in this volatile market.