- ENA has formed a strong double bottom at the $0.20 support level, signaling a potential bullish reversal after a prolonged downtrend.
- Trading volume has surged around this key zone, indicating rising interest from both institutional and retail investors.
- A confirmed breakout above local resistance could trigger a significant rally, with upside targets at $0.8786, $1.2023, and $1.4818.
The ENA token is reflecting the broader bullish tone of the crypto market. ENA is showing a strong double bottom reversal pattern, followed by a retest and stabilization above the support zone. Price is moving toward a resistance. If this sentiment continues, then it will be a good opportunity for both long and short-term investors.
At the time of writing, ENA is trading at $0.4072 and has a 24h trading volume of $357.11M and a market cap of $2.37B. ENA’s last 24-hour price movement stands at a 3.78% rise and an 11.28% rise over the previous week and is also on a steep bullish trend.
Source: CoinMarketCap
ENA Double Bottom Signals Bullish Reversal
According to a prominent crypto analyst, ENA has formed a strong double bottom pattern at the $0.20 level, a traditional technical chart formation that tends to indicate a reversal of a declining trend. The area has acted as a strong level of demand, prompting aggressive buying whenever the price retests the area. The formation suggests the bearish momentum has likely exhausted itself, and a bullish trend is occurring.
This outlook is reinforced by a significant volume spike at this key level. The volume indicates heavy trading as interest from both institutional and retail players picks up momentum. Volume uplift at such a well-defined support level tends to be a precursor to sharp upside movements, as it shows strong conviction on the part of market players.
ENA Eyes Breakout With Strong Target around $1,4818
Analysts and traders now look for a confirmed breakout from this consolidation zone. A successful movement above local resistance levels supported by rising volume has the potential to initiate a strong rally. The upside targets of $0.8786, $1.2023, and $1.4818 align at key resistance areas and Fibonacci extensions.
Source: X
With a well-defined entry at $0.20 and a good risk-to-reward ratio, ENA looks well set for a possible trend reversal. Confirmation aside, the technical setup is amongst the most convincing on the altcoin watchlist this week. Traders will be watching for continuation cues since the next breakout may unleash enormous upside momentum.
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