Key Insights:
- ENA tests support at 0.2272, potential for short-term bounce or breakout.
- Smart money accumulation signals growing pressure for upward movement.
- Confirmation patterns crucial for traders before entering positions on ENA.
The recent trading volume for ENA has been around $87,644,462, with a 24-hour price decline of 2.22%. Despite this drop, many traders are focusing on the support level at 0.2272, watching for confirmation of a bounce or further downside.
Breakout Pressure Builds as $ENA Reaches Key Support
ENA is currently testing a key support level at 0.2272. According to Finora_EN, this price point has shown signs of rejection, which could indicate a possible short-term bounce. If the price holds above this level and shows a strong bullish candle, traders may look to enter a long position targeting 0.2309.
ENA Breakout Potential | Source: XOn the other hand, if the price breaks below the support at 0.2272 with strong momentum, the bearish trend may continue. In this case, the next support level to watch would be 0.2232.
As of now, the trend remains bearish, but the upcoming price movement is critical in determining the future direction of ENA. The 30-minute chart indicates a possible bullish reversal if a strong candlestick pattern forms near the support level.
Smart Money Accumulation and Market Sentiment
However, ENA is approaching a potential breakout from its descending channel pattern. This could signal the start of a significant price move. The current accumulation of the token by smart money is raising interest in the market.
Based on Butterfly, “Breakout pressure is mounting,” with potential for a sharp upward move if the breakout occurs. However, caution remains as the price could still face resistance around the 0.2309 level. If ENA breaks this resistance, it may target 0.2382, but a reversal near that level is also possible.
ENA Descending Channel Pattern | Source: XThe cryptocurrency is approaching a potential breakout from its descending channel pattern. This could signal the start of a significant price move. As smart money quietly accumulates, the pressure for a breakout is mounting.
Watching for Confirmation Before Taking Action
Furthermore, for traders looking to enter the market, confirmations are essential. A bullish reversal pattern near the 0.2272 support could present a potential buying opportunity.
If the price breaks below this support, traders may look for short positions with a target around the next support at 0.2232. As of Finora_EN a confirmation signals like bullish engulfing candles, pin bars, or structure breaks on lower timeframes will help traders make more informed decisions.
Traders are advised to wait for these confirmations to avoid entering trades prematurely. “Watch closely, as ENA could absolutely FLY from these levels,” said Butterfly , suggesting a strong potential move once the breakout occurs.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/ena-approaching-key-breakout/
