This article presents an analysis of the current state of ENA and MOVE cryptocurrencies, as well as trading strategy recommendations.
Analysis of ENA
The ENA cryptocurrency recently broke below a flag level and found support at $0.222, allowing it to rebound. On June 24, the price faced resistance below the flag level, halting near the Fibonacci 0.786 level. This flag indicates that the trend may continue, and the resistance below suggests strong overhead pressure.
Analysis of MOVE
The MOVE cryptocurrency has been in a downtrend for almost six months. Recently, the price rose to the upper boundary of a descending channel and faced resistance at $0.193, which may signal a continuation of the bearish trend. At the time of writing, MOVE is priced around $0.18.
Conclusions
For ENA, a short position is recommended at the market price of around $0.265 with targets at $0.222, $0.205, $0.195, and $0.16. The stop-loss should be placed above the previous high at $0.28. For MOVE, entering a short position at the market price around $0.18 is suggested, with targets at $0.12, $0.11, and $0.1. The stop-loss should be placed above resistance at $0.2013.
The current market conditions for ENA and MOVE indicate the possibility of opening short positions, but traders should closely monitor key support and resistance levels.
