ENA is encountering resistance near the $0.22 level within an ascending channel on the 4-hour chart, raising the risk of a short-term rejection. The cryptocurrency's price action suggests a disciplined trading pattern with higher highs and lows, but a consolidation or retracement towards the lower channel support at $0.20 is likely if it fails to break above $0.22. A decisive 4-hour close above this resistance could invalidate the rejection scenario.
Against Bitcoin, ENA continues to show relative weakness, compressing within a descending wedge on a three-day timeframe. The pair has consistently failed to break above descending resistance, with price currently near the wedge's lower boundary. Momentum indicators, including RSI and stochastic, suggest limited recovery potential without a confirmed trend reversal.
Intraday analysis reveals a steady uptrend for ENA, with price moving from $0.207 to $0.23 through gradual accumulation. Key support is now at $0.225, and maintaining this level is crucial for preserving the intraday structure. A failure to hold could lead to profit-taking, though broader trends remain intact.
ENA Faces Resistance at $0.22 Amidst Ascending Channel
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