ENA/USDT - Potential Breakout in Long-Term DowntrendHello traders!
Let's take a look at the ENA/USDT price chart. As you can observe, the price has been locked in a long-term downtrend , contained within a descending macro channel .
Recent Price Action:
Over the past 24 hours, ENA has shown signs of a potential reversal. The price has entered a mini-uptrend channel and is currently approaching the upper boundary (ceiling) of the larger, descending macro channel. This creates the possibility of a breakout from the long-term downtrend.
Potential Breakout Scenario:
Given the potential increase in altcoin trading volume, I believe there's a strong likelihood that ENA could break through the macro channel's resistance level, located around $1.060 . If this breakout occurs, I anticipate a continued upward movement towards the following targets:
First targets:
Target 1: $0.9875
Target 2: $1.0500
Then:
Target 1: $1.20
Target 2: $1.35
Target 3: $1.52
mportant Note on Price Correction:
It's crucial to acknowledge that after a potential breakout above the macro channel's ceiling, a price correction is likely to follow. This is a normal market behavior after a significant upward move and should be anticipated.
Disclaimer:
This analysis represents my personal perspective and should not be considered financial advice. The cryptocurrency market is inherently volatile, and past performance is not a guarantee of future results. Always conduct your own research and manage your risk accordingly before making any trading decisions.
Good luck with your trades!
