VIP MARKET UPDATE: $ENA

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$ENA is trading around the 0.1090 area after an explosive push to the 0.1350 highs that has since fully retraced, bringing price all the way back down to the ascending trendline that has been rising since early April. The magnitude of that sell-off from the highs is significant, erasing the entire breakout move and leaving the structure looking fragile at current levels. Price is now sitting right on the trendline and the 0.1070–0.1090 horizontal support simultaneously, making this a critical confluence zone.

As long as #ENA holds above the trendline and the 0.1070 area, there is still a case for stabilization and a potential recovery, but the aggressive rejection from the highs leaves the bulls with very little room for error here. A trendline loss on a closing basis would shift the structure bearish and open the door toward the 0.1030–0.0990 area below, while a reclaim of 0.1150 with conviction would be needed to restore confidence in the upside.

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