$ENA The night session suddenly went crazy. At 00:00, a bearish candle with 20.7M in trading volume smashed straight through the 0.175 neckline, and the price is now hovering around 0.170.
Earlier, it failed to hold its gains after surging at 21:00 and pulled back. Each successive high was lower than the last, following the downward pressure. RSI fell to around 23. Open interest is still rising while the value of positions shrinks along with the price—a classic sign of bears adding positions and driving the price down, not a precursor to a short squeeze rebound.
Funding rates are nearly flat. MA20, around 0.179, is still acting as resistance. Don’t get attached to a weak rebound unless it reclaims 0.175; if 0.170 breaks, watch for further downside. Not investment advice.
#ENA #PriceAction
Earlier, it failed to hold its gains after surging at 21:00 and pulled back. Each successive high was lower than the last, following the downward pressure. RSI fell to around 23. Open interest is still rising while the value of positions shrinks along with the price—a classic sign of bears adding positions and driving the price down, not a precursor to a short squeeze rebound.
Funding rates are nearly flat. MA20, around 0.179, is still acting as resistance. Don’t get attached to a weak rebound unless it reclaims 0.175; if 0.170 breaks, watch for further downside. Not investment advice.
#ENA #PriceAction
