$ENA /USDT
The recent chart analysis shows significant movement in the cryptocurrency market. Over the past few days, there has been a notable downtrend. The price, which previously touched a high of 0.798, has experienced a sharp decline and currently sits at 0.590. The 4-hour chart indicates a strong bearish sentiment, highlighted by consecutive red candles and a substantial drop in price.

Key support was previously observed around the 0.658 level, which has now been breached, indicating further potential downside. The price briefly touched 0.554 before a slight recovery. However, this recovery lacks momentum, suggesting that the bearish trend might continue unless new buyers enter the market.

The moving averages further support this bearish outlook. The short-term MA (7) at 0.653 has crossed below the MA (25) at 0.709, which is a classic sell signal. The long-term MA (99) at 0.821 is significantly higher, indicating that the overall market trend remains downward for the time being.

Volume analysis shows a surge in selling volume, especially during the recent drop, confirming the strength of the downtrend. Traders should watch for a potential bounce at the 0.554 support level. If this level fails to hold, the next support could be significantly lower. Resistance is now likely to be encountered at the previous support level of 0.658. Investors should remain cautious and look for any signs of reversal before entering new long positions.#BinanceTournament #AirdropGuide #BTCFOMCWatch #CPIAlert #ETHETFsApproved