The ENJ alert just popped up: down 7.6% over 24 hours, and the decline is continuing. The accelerated sell-off from 2.3 hours ago is still moving in the same direction, with no sign of a bottom yet.

First, look at volume. The volume ratio is only 0.1x, and trading volume on the latest candle is barely a fraction of the average for the last 20 candles. What does that tell us? There was no panic selling, but there were no buyers either—this is the kind of slow, grinding decline that wears you down. With volume this low, it’s too early to buy the dip, and any rebound is likely to be weak.

Looking at the chart, the current price is 0.03038, with MA7 at 0.0305, MA25 at 0.03052, and MA99 at 0.03237. The short-term moving averages are bearishly aligned, and the price is below them. Above, the 24-hour high of 0.03381 is resistance; below, recent support is at 0.0285, with the current price still 6.19% above the low. RSI is 44—not oversold, so there is still room to fall.

The futures market isn't giving any signals either. Funding rate is 0.0050%, with longs and shorts balanced; open interest is down 0.65%, essentially unchanged. No new shorts are entering, and no longs are capitulating and closing—existing positions are just running down, with little fuel for a reversal. Social media is quiet too: just 2 mentions and 0 KOL posts in the past 4 hours. A drop that nobody is talking about often has further to go.

The plan is simple: sit this one out. If you're flat, don't try to catch a falling knife. Wait for the price to retest around 0.0285 and see whether it can stabilize on increased volume; only consider a rebound if it holds. If you want to short, there's no need to chase at the current price either. Consider it only if a bounce gets rejected around 0.0310–0.0315. Place your stop above 0.0320, with a target of 0.0285. If 0.0285 breaks, look for new lows—don't hold on to a losing trade.

In short, shrinking volume, moving averages pressing down, and quiet sentiment together point to one thing: wait and see. Act only after confirmation.

Quick stats: Current price 0.03038 | 24h -7.60% | Volume ratio 0.1 | RSI 44 | Funding rate 0.0050%

That's all for now. Please manage your risk.

— 12:21 Market notes