$ENA/USDT - Bearish Retest at MA60 Resistance
ENA shows a minor bounce of +0.92% to $0.1749, bringing it to test the MA60 resistance at $0.1755. This move occurs within a strong, persistent downtrend across all timeframes (7D: -19.48%, 90D: -62.46%). Current volume is below its short-term averages, questioning the sustainability of this bounce and suggesting the MA60 is more likely to act as a rejection point.
Key Levels:
Support: $0.1720 (24h Low)
Resistance: $0.1755 (MA60) / $0.1817 (24h High)
Trade Idea (Short at Resistance):
Entry Zone: $0.1750 - $0.1765 (At MA60 rejection)
Stop Loss (SL): $0.1830 (Above the 24h High)
Take Profit Targets (TP):
TP1: $0.1725 (Approach 24h Low)
TP2: $0.1720 (Retest of 24h Low)
TP3: $0.1680 (Breakdown Extension)
Rationale: The macro structure is overwhelmingly bearish. The MA60 has consistently acted as dynamic resistance during declines. The weak bounce on low volume into this key level offers a high-probability short setup, aiming for a continuation towards recent lows.