TradeCityPro | ENA: Expansion Pattern Near Critical Break Levels👋 Welcome to TradeCity Pro!
In this analysis, I want to review the ENA coin for you. The Ethena project is one of the DeFi projects in crypto that has attracted a lot of hype in this category.
💥 ENA coin, with a market cap of $1.7 billion, ranks 50th on CoinMarketCap.
📅 Daily Timeframe
As you can see on the daily chart, there is an Expanding Triangle, and the price is fluctuating within this pattern.
📚 One key characteristic of an Expanding Triangle is that while the price is within the triangle, it tends not to respect static levels such as supports and resistances. Currently, the price is within the triangle and, as you can see, it doesn’t respond significantly to static zones.
📈 For this coin to become bullish, the triangle must break to the upside and the triangle trigger at 0.37 should be activated. In that case, the price can move upward and begin a bullish trend. Full confirmation of the bullish reversal will come with price stabilization above 0.4746.
✔️ For continued downward movement, the first trigger is the break of 0.2694. If you already hold this coin, you can use this level as a stop-loss — and once the price closes below it, you can trigger your stop-loss.
📊 For short positions, the break of 0.2694 is a valid trigger, but the issue is that it activates before the triangle breaks, and I personally prefer not to open a position within an Expanding Triangle — I’d rather wait and enter after it breaks.
🔽 Another trigger for a bearish move is the break of 0.2054. This is the main support for ENA, and if it breaks, the price will register a new All-Time Low.
📝 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! ❤️
