Ethena has been in a downtrend for some time recently, but technicals are looking up right now. If we can maintain this momentum, and have this IHS play out, we could rip higher to the first profit target shown, then maybe way higher. We will see. Volatility is also very constricted and tight on this cryptocurrency right now.
And as everyone here knows... Low...
ENAUSDT is in strong bearish trend.
As the market is consistently printing new LLs and LHs.
currently the market is retracing a bit after last LL, which is 50% Fib retracement level and local support as well. if the market successfully sustain this selling confluence the next leg lower could go for new LL.
What you guys think of this idea?
We almost filled the upside gap
Currently, we can see that 1.36 is acting as the local resistance here
Failure to get above this level, then we may retest ltf demand around 1.16 to 1.12
Invalidation: price gets above 1.36
Local support: 1.24
