$ENA The broader market is green while it’s red; down 4.7% in 24h, clearly very weak.
Market: Gate perpetuals are at 0.2354, the day high was 0.2552 (4 a.m. yesterday), the day low was 0.2338, with an amplitude of about 9%, funding rate 0.005% (4h), and trading volume of about 9.5 million U. After the peak, it has been stepping down all the way; rebound highs of 0.2530, 0.2465, 0.2424, and 0.2416 are progressively lower. Today at 0:00, about 740k U came in, breaking through 0.2373, and at 1:00 it tested the day low of 0.2338.
Reason: BTC is still +0.3%, so this is not being dragged down by the broader market. It’s just ENA lacking buyers; every rebound with volume gets sold back down.
Conclusion: Bearish, do not buy the dip. If the rebound at 0.238 cannot break through resistance, continue to watch for weakness; if 0.2338 breaks, look for 0.230; if it can reclaim 0.242 on volume, then admit the mistake.
Market: Gate perpetuals are at 0.2354, the day high was 0.2552 (4 a.m. yesterday), the day low was 0.2338, with an amplitude of about 9%, funding rate 0.005% (4h), and trading volume of about 9.5 million U. After the peak, it has been stepping down all the way; rebound highs of 0.2530, 0.2465, 0.2424, and 0.2416 are progressively lower. Today at 0:00, about 740k U came in, breaking through 0.2373, and at 1:00 it tested the day low of 0.2338.
Reason: BTC is still +0.3%, so this is not being dragged down by the broader market. It’s just ENA lacking buyers; every rebound with volume gets sold back down.
Conclusion: Bearish, do not buy the dip. If the rebound at 0.238 cannot break through resistance, continue to watch for weakness; if 0.2338 breaks, look for 0.230; if it can reclaim 0.242 on volume, then admit the mistake.