ENA analysis
On the Ethena chart, the decline has been happening literally since listing. The coin got listed at a good price, but the bearish movement across the market is still pulling the price down. Let's break down the 1 day timeframe.
What immediately catches your eye is that the price is moving between two downtrend lines bounding the price from above and below respectively. They form a formation "descending price channel" 📉 This formation currently has two extrema above and below, which means that there are great chances of its transformation into a "bull flag" pattern 🐂
To confirm the mentioned formation, we need a breakout and consolidation above the midline of the "price channel". At the moment it coincides with the key mirror level ~$0.670. The formation of a candle extremely similar to a "bullish pin-bar" near the lower boundary of the channel tells us about this development of events.
Basically, looking for a breakout or bounce from the channel midline. If the former happens, we can expect a return to growth 📈
