Hello! Is ENAUSDT ready to change trend or is this just a trap for unsuspecting traders? Let’s dive into the chart and reveal the key areas for you!
💎 ENAUSDT has been clearly trending down recently, with lower lows and lower highs in the short term. It has been trading within a descending resistance trendline, but with one important change: it recently broke out of this trendline and retested it, while a liquidity sweep perfectly into a major demand zone.
💎 Currently, the pair has managed to reclaim the previous support area and is holding above it. This change in behavior hints at a possible bottom formation, especially when we see that the RSI is showing signs of being oversold. In addition to this, a bullish divergence is forming, which adds more evidence for a possible reversal.
💎 The pair currently has the potential to move up to the resistance zone of 0.3121, and if accumulation continues with strong buying volume, we may see it push towards the next resistance levels of 0.3388 and 0.3740. Its performance around these levels needs to be closely watched as they may determine the direction of the next trend.
💎 However, don't take it lightly! The trend setup will be invalidated if we see a 4-hour candle close below the demand zone at 0.2563. Such a move would suggest that sellers are still in control and this potential reversal could turn into a bear trap.
