Since ENA/USDT is consolidating at a strong daily support zone ($0.36 - $0.38) and showing bullish divergence on both RSI and MACD, you can look for a buying opportunity near this range.
The falling wedge breakout on D1 suggests that the market may be preparing for a short-term rebound. However, because the price is still under the Ichimoku cloud on D1 (meaning the main trend is still bearish), this trade should be treated as a short-term bounce, not a trend reversal yet.
My advice is:
Wait for a daily candle to close clearly above $0.38 - $0.40 with increased volume to confirm momentum.
If this happens, you can target the $0.44 - $0.45 area for a quick take profit.
If the breakout is strong enough, holding part of the position towards $0.49 is reasonable.
Place a stoploss just below $0.35 to protect against downside risk.
Be cautious, as if the price fails to hold above $0.36 and drops below $0.35, it could revisit lower levels like $0.32 - $0.33. So, proper risk management is key.
The falling wedge breakout on D1 suggests that the market may be preparing for a short-term rebound. However, because the price is still under the Ichimoku cloud on D1 (meaning the main trend is still bearish), this trade should be treated as a short-term bounce, not a trend reversal yet.
My advice is:
Wait for a daily candle to close clearly above $0.38 - $0.40 with increased volume to confirm momentum.
If this happens, you can target the $0.44 - $0.45 area for a quick take profit.
If the breakout is strong enough, holding part of the position towards $0.49 is reasonable.
Place a stoploss just below $0.35 to protect against downside risk.
Be cautious, as if the price fails to hold above $0.36 and drops below $0.35, it could revisit lower levels like $0.32 - $0.33. So, proper risk management is key.
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.