ENA (ENA/USDT) – Technical Analysis Update
Current Consolidation & Support Levels:
ENA has consolidated near June's high, showing strong support around $0.9538, reinforced by December 20th's daily candle tail and the 40 EMA.
Token unlocks increasing supply are likely to delay a rally until after January 1st, keeping near-term upside muted.
Key Downside Targets:
If the $0.9538 support fails, watch for:
$0.8824 – December 28th's swing low.
$0.8465 – Key levels from December 20th and 10th.
$0.7600 – November 25th's bullish weekly gap, a likely higher timeframe support zone.
Resistance Levels & Upside Scenarios:
$0.9961: December 26th's bearish gap.
$1.0299: December 21st's rejection point. A break above this zone could trigger profit-taking at:
$1.1223: December 23rd's swing high and December 21st's bearish gap.
Outlook:
ENA is range-bound in the near term, with a bearish bias if token unlocks intensify supply pressure.
Bulls need a decisive reclaim of $0.9961–$1.0299 to regain control. Until then, $0.9538 support remains critical, with the risk of testing lower levels.
This setup highlights near-term caution but leaves room for a bullish breakout once overhead supply dynamics stabilize.
ENA has consolidated near June's high, showing strong support around $0.9538, reinforced by December 20th's daily candle tail and the 40 EMA.
Token unlocks increasing supply are likely to delay a rally until after January 1st, keeping near-term upside muted.
Key Downside Targets:
If the $0.9538 support fails, watch for:
$0.8824 – December 28th's swing low.
$0.8465 – Key levels from December 20th and 10th.
$0.7600 – November 25th's bullish weekly gap, a likely higher timeframe support zone.
Resistance Levels & Upside Scenarios:
$0.9961: December 26th's bearish gap.
$1.0299: December 21st's rejection point. A break above this zone could trigger profit-taking at:
$1.1223: December 23rd's swing high and December 21st's bearish gap.
Outlook:
ENA is range-bound in the near term, with a bearish bias if token unlocks intensify supply pressure.
Bulls need a decisive reclaim of $0.9961–$1.0299 to regain control. Until then, $0.9538 support remains critical, with the risk of testing lower levels.
This setup highlights near-term caution but leaves room for a bullish breakout once overhead supply dynamics stabilize.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.