$ENA expected correction is ongoing, price barely hit the trend line but we're still ok, it was expected to drop to 1.37, 1.36 isnt far its still within rebound boundaries
the level bordered with yellow in the chart is called the golden level on Fibonacci Retracement chart, basically its how investors and traders spot the perfect entry, allowing a zone for Maximum buyers, Minimum sellers
(every line is both a resistance and a support line, its resistance line untill you break it, then you use it for support to gather your breath for hitting the next level)
so why isnt $ENA hitting the next level yet?
$ENA made it to level 1.618 earlier by hitting 1.5, faced insane volume as seen in picture 2,
now is the big move. level 2.118 (1.55-1.6), and that level is every currency's first main and bold target, you face highest resistance on the way but once you get there, thats your support line.
unless you know you got enough fuel to go for a ride with your car, its not worth running your engine, and thats exactly why they're holding up, they're getting rid of all the resistance they can hit before running their engine (selling orders, low profiters, stop losses)
besides US dollar index has reached a climax and is about to fall 2 whole levels on Fibbo (picture 3), so thats their window for extra support
once you know you got enough support and less resistance, you know nothing can stop you, personally id rather be on the ride when the engine runs
to all of you who decided to hold and fight that resistance back, Ethena Labs is too big and ambitious to let y'all down
