ENA Technical Analysis Feb 10

ENA is signaling in the oversold region with RSI at the 27.76 level, however, MACD’s negative histogram and trading below the EMAs indicate that momentum remains weak. Downtrend dominates, short-term recovery probability low.

Trend Status and Momentum Analysis

ENA is currently trading at the 0.12 dollar level and showing a slight 0.50% decline over the last 24 hours. The daily range stayed within a narrow band of 0.11-0.12 dollars, signaling low volatility. Volume is at a moderate level of 126.33 million dollars, but insufficient for trend confirmation. The overall trend direction is downward; price is positioned below EMA20 (0.15 dollars) and the Supertrend indicator is giving a bearish signal, highlighting the 0.16 dollar resistance. From a confluence perspective of momentum oscillators, while RSI gives an oversold warning, MACD and EMA dynamics support the downside. In multi-timeframe (MTF) analysis, a total of 9 strong levels were identified across 1D, 3D, and 1W timeframes: 1 support/3 resistances on 1D, 2S/2R on 3D, 2S/3R distribution on 1W. This indicates that resistances dominate in the short term and downward pressure may continue. Main support at 0.0997 dollars (score 73/100), resistances concentrated at 0.1227 (73/100), 0.1312 (69/100), and distant 0.2705 (66/100). Momentum strength is currently weak; although oscillators are oversold, trend strength is maintained in the downside direction.

RSI Indicator: Buy or Sell?

RSI Divergence Analysis

RSI(14) is currently at 27.76 and within the classic oversold region (below 30). This suggests that momentum may be nearing exhaustion despite recent price declines. However, no regular bearish divergence is observed; as price makes new lows, RSI is also testing similar low levels, confirming the healthy continuation of the downtrend. There is also no clear signal yet in the search for hidden bullish divergence; RSI needs to bottom and rise while price fails to form a bottom, which has not happened yet. On the daily chart, RSI is trying to hold around 35 before approaching 20, carrying short-term bounce potential but insufficient for a trend reversal. Weekly RSI has dipped below the 40s, reinforcing overall momentum weakness. Volume increase and price stabilization are required for divergence formation; current low volatility postpones this possibility.

Overbought/Oversold Regions

The oversold region is clearly marked below RSI 30. Historically, ENA has experienced recoveries from the RSI 25-30 range; for example, 20-30% rallies were observed from similar levels in past months. However, this time, recovery may be limited due to MACD’s bearish position and BTC downtrend. A pullback toward the 50 level is not expected; a bounce to the 35-40 band may come first, testing the 0.1227 resistance. Although the oversold condition gives a buy signal, it is risky without a trend filter; if selling pressure continues, RSI could decline to 20.

MACD Signals and Histogram Dynamics

MACD is bearish; the signal line is below the MACD line and the histogram is expanding in the negative region. This indicates downside momentum acceleration – histogram bars have been lengthening recently, confirming the declining momentum. On the daily chart, the MACD line is moving away from the zero line below zero, with the bearish crossover completed. The histogram showing no contraction trend emphasizes that short-term relief is not expected. Weekly MACD shows similar dynamics; signal line crossover downward and histogram sustaining negative momentum. For a potential bullish signal, the histogram needs to approach the zero line and turn positive, but this seems distant with current data. If not confirmed by volume, MACD signals can be misleading; 126M volume is moderate, accumulation/distribution patterns weak.

EMA Systems and Trend Strength

Short-Term EMAs

Price is trading below EMA20 (0.15 dollars), confirming the short-term trend is bearish. There is a ribbon squeeze between EMA10 and EMA50; the ribbon is sloping downward, measuring momentum strength in the downside direction. Even the approach to EMA20 was rejected, consolidation dominates in the 0.12 band. Short-term trend strength is weak; if the ribbon expansion continues downward, decline below 0.11 could accelerate.

Medium/Long-Term EMA Supports

Medium-term EMA50 (around 0.18 dollars) and EMA200 (around 0.25 dollars) stand as strong resistances. Ribbon dynamics are bearish in the long term; EMAs are not stacked, trend strength pulling moderately downward. Main support near EMA100 at 0.0997, if broken, long-term downtrend deepens. In trend strength measurement, EMA ribbon slope is negative, momentum confluence supports downside.

Bitcoin Correlation

BTC at 69,995 dollar level and in downtrend with 0.72% decline over the last 24 hours. BTC Supertrend bearish, main supports at 70,078, 65,786, and 62,370 dollars. Resistances at 70,860, 74,308, and 77,936. ENA, a highly correlated altcoin with BTC; BTC breaking below 70K could pressure ENA below 0.11. BTC dominance increase crushes altcoin momentum; current BTC weakness requires a cautious approach in spot and futures trading for ENA. If BTC cannot break 70K resistance, downside continues in ENA despite oversold RSI.

Momentum Outcome and Expectations

Momentum oscillators confluence is bearish; although RSI is oversold, MACD histogram expansion, EMA ribbon downward slope, and BTC downtrend reinforce the downside. In the short term, if 0.1227 resistance is not broken, decline to 0.0997 support is likely, bearish target 0.0245 (score 22). In a bullish scenario, RSI divergence and volume increase could lead to a bounce to 0.2053 (score 30), but low probability. Volume confirmation is essential; momentum remains weak until low volatility breaks. Watch: RSI 35+, MACD histogram contraction, and BTC above 70K. Overall outlook bearish, trend strength maintained downward.