MARKET UPDATE: $ENA
$ENA is trading around 0.0778, sitting right on the ascending trendline from the April lows, currently near 0.0690, after a sharp rejection from the 0.1400 highs. The descending trendline from the May highs continues to cap recoveries near 0.0990, and price is now caught between the two converging structures with the 0.0778 horizontal support as the immediate level to hold.
A hold above the ascending trendline and a reclaim of 0.0870 would open the door toward the 0.0950–0.0990 range. Losing 0.0720 on an 8H close risks a drop toward the trendline support near 0.0690. Reclaiming 0.0950 and the descending trendline would be the first real sign of a structural recovery.
$ENA is trading around 0.0778, sitting right on the ascending trendline from the April lows, currently near 0.0690, after a sharp rejection from the 0.1400 highs. The descending trendline from the May highs continues to cap recoveries near 0.0990, and price is now caught between the two converging structures with the 0.0778 horizontal support as the immediate level to hold.
A hold above the ascending trendline and a reclaim of 0.0870 would open the door toward the 0.0950–0.0990 range. Losing 0.0720 on an 8H close risks a drop toward the trendline support near 0.0690. Reclaiming 0.0950 and the descending trendline would be the first real sign of a structural recovery.