TradeCityPro | ENA : Navigating Parabolic Growth👋 Welcome to TradeCityPro!
In this analysis, I’m reviewing the ENA token, which belongs to the Ethena project operating within the Ethereum ecosystem. This project has successfully ranked among the top 10 DeFi projects by TVL.
📅 Daily Timeframe: Parabolic Trend and Reaction to Supply Zone
This token was recently launched and distributed its airdrop approximately 9 months ago to its users. After the airdrop, the project faced significant selling pressure, with its price reaching new historical lows of $0.2619 and then $0.2020.
👑 As Bitcoin began its bullish movement and broke its important 72k resistance, ENA also gained momentum, with increasing purchase volumes. It managed to fully recover and return to its ATH at $1.45.
📈 In this upward trend, ENA has undergone two re-accumulations, one under the $0.4234 resistance and the second under the $0.6844 resistance. These consolidation phases beneath critical zones help maintain a healthy uptrend without overly sharp corrections. However, the parabolic nature of the trend still suggests a higher risk of sharp retracements.
🔽 Currently, as the price has reached the ATH ceiling—a strong supply zone—the likelihood of corrections has increased.
📉 In case of a downward move:
The first support is the curved ascending trendline, acting as a dynamic support.
If the trendline is broken, the next support lies at $0.6844, which seems logical during a correction phase.
The final critical support is at $0.4234, and breaking it would signify the end of this bullish trend. The market would then require building a new structure for further momentum, either upward or downward.
🧩 From a technical perspective, volume is aligning well with price movements, confirming the upward trend. Meanwhile, the RSI above 50 indicates that corrections are less likely to lead to sharp declines unless the 50 level is breached.
🚀 If the ATH at $1.45 is broken, the next targets would be $2, $2.5, and $3.2, based on 6-month pivot points. Monitoring these levels closely for potential trend reversals is advisable.
⏳ 4-Hour Timeframe: Futures Triggers
In this timeframe, the focus is on specifying futures triggers for both long and short positions.
🔼 The market has managed to recover entirely from its correction and is among the few coins to successfully engulf its entire pullback.
📈 Breaking the $1.2423 resistance could confirm a long setup. However, trading in the $1.2423–$1.45 supply zone will be challenging due to its significant resistance.
📉 It’s recommended to wait until the $0.8550 level is breached for a short position. This would signal a trend reversal, providing a safer entry for shorts.
Currently, given the strong resistance, it’s better to avoid opening short positions without a confirmed trigger.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️ above.
