Technical analysis by TrendShredder about Symbol ENA: Sell recommendation (11/8/2024)

📉 ENA/USDT Short Opportunity - Channel Resistance Test!Timeframe: 1HCurrent Price: 0.4964 USDTTrade Type: ShortChart Analysis: ENA/USDT is trading within a clear upward channel, with the current price action testing the upper trendline. This level has shown resistance in the past, increasing the probability of a pullback within the channel.Resistance Level: The upper channel boundary near 0.5000 is a strong resistance zone, as seen in previous attempts to break above it.Support Level: The lower boundary of the channel, currently around 0.4250, could act as a support target if the price reverses.Trade Setup:Entry Point: Short entry around the current price, near 0.4950.Stop Loss: Place just above the resistance line, around 0.5050, to allow some buffer.Take Profit: Target the lower channel boundary around 0.4250, aligning with the channel's support trendline.EMA Insight:The price is above the 200 EMA (0.4165), indicating a bullish overall trend, but this trade capitalizes on a potential short-term retracement within the channel.Conclusion: This short setup within the channel offers a favorable risk-to-reward ratio. However, watch for any significant breakouts above resistance, which could invalidate the setup.Trade Safe!Got out at $0.4853