The $ENA /USDT pair is currently in a strong uptrend. The price has broken above a significant resistance level and is now consolidating near the new high. The upward sloping 20-day Moving Average (MA) further confirms the bullish momentum.
Key Support and Resistance Levels:
Support:
The recent swing low at around 0.5245 could act as a strong support level.
The 20-day MA is also providing support to the price.
Resistance:
The immediate resistance level is the recent high at 0.6743.
A break above this level could open the door to further upside potential.
Entry Signal:
A potential entry signal could be a pullback to the 20-day MA or the previous swing low. A bullish candlestick pattern, such as a hammer or bullish engulfing pattern, forming at these support levels could confirm a buying opportunity.
Risk Management:
As with any investment, it's crucial to implement proper risk management strategies. Consider using stop-loss orders to limit potential losses if the price moves against your position. Additionally, you may want to set a take-profit target to secure profits at a predetermined level.#BTCBreaks84k #HaveYouBinanced #AltCoinRush #DogecoinPriceSurge #Write2Earn!