$ENA shows a clear downtrend on the 4-hour chart, with prices having broken below all key EMAs (20/50). The current rebound lacks volume and the buying depth is imbalanced, indicating a weak consolidation.
🎯 Direction: Flat
Market Analysis: Since the high of 0.24, the price has formed a clear descending channel, currently near the lower edge of the channel. The 4-hour candlestick chart shows that each rebound peak is lower than the previous high, with continued selling pressure. Although the latest 4-hour candle has a long lower shadow, the closing price is still below the opening price, and the buy/sell ratio is only 0.52, indicating weak buying interest.
Hard Logic: Key data points to a bearish dominance. 1) The funding rate remains negative (-0.0043%), but open interest (OI) stays stable, which is not a typical short squeeze structure but reflects the overall bearish sentiment in the market. 2) Depth imbalance shows that sell orders (Asks) are significantly piled up at key resistance levels (0.111-0.112), while buy orders (Bids) below are thick but prices continue to decline, indicating they are stop-loss orders rather than active buying. 3) The RSI (31.75) has entered the oversold zone, but in a downtrend, RSI oversold can be maintained 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 a clear bottom structure (such as a double bottom or a strong bullish engulfing candle). To go long, one needs to wait for the price to rise above EMA20 (0.1165) accompanied by an increase in OI; to go short, one must wait for a rebound to the resistance zone of 0.114-0.116 and for signs of stagnation. Currently, neither condition is met, and the best strategy is to remain flat.
Trade here 👇
$ENA ---
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