【$ENA Signal】Hold Cash and Watch — Weak Rebound in Downtrend

$ENA Shows a clear downtrend on the 4-hour chart, with the price breaking below all key EMAs (20/50). The current rebound lacks momentum and buying depth is imbalanced, indicating a weak consolidation.

🎯 Direction: Hold Cash

Market Analysis: Since the high of 0.24, the price has formed a clear downward channel, currently near the lower boundary of the channel. The 4-hour candlestick shows each rebound high is lower than the previous high, with persistent selling pressure. The latest 4-hour candle has a long lower shadow but still closed below the open, and the buy/sell ratio is only 0.52, indicating weak bullish interest.

Logical Core: Key data points to a bearish dominance. 1) Funding rates remain negative (-0.0043%), but open interest (OI) stays stable, which is not typical of a short squeeze but reflects overall market bearish sentiment. 2) Depth imbalance shows significant ask orders (sellers) accumulating at key resistance levels (0.111-0.112), while bids below are thick but prices are steadily declining, indicating stop-loss orders rather than active buying. 3) RSI (31.75) is in oversold territory, but in a downtrend, oversold RSI can persist for a long time and is not a reliable reversal signal.

Trading Plan: The current price is weakly oscillating above the previous low of 0.1082, lacking clear bottom structures (such as double bottoms or volume-driven bullish candles). Long positions should wait until the price reclaims EMA20 (0.1165) with rising OI; short positions should wait for a rebound to the 0.114-0.116 resistance zone and show signs of stagnation. Currently, neither condition is met, so the best strategy is to hold cash and wait.

Trade here 👇 $ENA

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