ENS Technical Analysis: 200-Day EMA Breakout Starts Bull Run To $27

The ENS price action displays a 40% price jump in the last three weeks resulting in a successful double-bottom breakout. Furthermore, the uptrend exceeds the 50% Fibonacci level reflecting a recovery rally ready to reach the 78.60% level at $22.90. So, is this the best time to take a bullish entry?

Key Points:

Source - TradingView

ENS Technical Analysis

As we mentioned in our previous analysis, the ENS price action shows a successful post-retest reversal from the broken resistance trendline of the symmetrical triangle. The retest rally breaks above the 50% Fibonacci level to give a double-bottom breakout, exceeding the 200-day EMA.

Currently, the price action displays a 40% jump in the last three weeks, leading to multiple bullish engulfing candles. Moreover, the spike in trading volume supports the bullish breakout rally, increasing the possibility of an uptrend continuation.

The daily candle shows a decline of 0.96% with a long wick to retest the bullish breakout, bringing an entry opportunity for retest traders. If the uptrend finds bullish momentum, the breakout rally will reach the $22.9 mark, coinciding with the 70 8.60% Fibonacci level.

The 78.60% Fibonacci level breakout will extend the uptrend to $27, maintaining an optimistic point of view, accounting for a 60% rise from the current market price.

Conversely, if ENS prices fall back within the 200-day EMA, the downtrend will reach the 50-day EMA close to $14.50.

Technical Indicators

The RSI slope spikes to reach the overbought boundary after reversing from the halfway line. Additionally, the massive bullish gap between the fast and slow lines shows a high likelihood of an uptrend to the next bearish milestone.

Therefore, the momentum indicators display an increase in buying pressure, supporting the bullish price action analysis. As a result, the ENS technical analysis highlights a buying opportunity for sideline traders.

Resistance Levels - $22.9 and $27

Support Levels - $14.5 and $11.6