ENA Technical Analysis Feb 1

ENA has retreated to the $0.14 level with a sharp 4.48% drop on the daily chart, with RSI at 26 indicating the oversold region; if the critical support at $0.1215 breaks, new lows could come into play, but increasing volume keeps recovery hopes alive.

Market Overview and Current Position

In a period when the crypto market is generally under pressure, ENA is trading at the $0.14 level with a 4.48% drop in the last 24 hours. While the daily range is stuck between $0.12-$0.15, trading volume has reached $441.46 million, indicating increased volatility. This drop is occurring within an altcoin generalization consistent with Bitcoin’s 5.19% losses and reinforces ENA’s short-term downtrend. As a mid-cap asset in terms of market value, ENA has remained below EMA20 ($0.18) in recent weeks, emphasizing the dominance of bearish momentum.

Looking at multi-timeframe (MTF) confluence, we detect a total of 6 strong levels across the 1D, 3D, and 1W charts: 2 supports on 1D, 1 support/2 resistances on 3D, and balanced 2 each on 1W. This structure reveals the fragility of ENA’s current position. The rise in volume signals intensifying selling pressure, but combined with oversold signals, it puts the possibility of a potential base formation on the table. Investors can examine more detailed entry-exit points through ENA spot analyses.

The overall market sentiment is negative due to macroeconomic uncertainties and rising BTC dominance; DeFi-focused tokens like ENA show extra sensitivity in this environment. As of early February, ENA’s 2026 trend has been confirmed as downtrend, but low RSI levels could trigger speculative buying.

Technical Analysis: Key Levels to Watch

Support Zones

ENA’s strongest support level stands out at $0.1215 (score: 73/100); this level forms a strong base from recent low tests on the 1D chart and is also confirmed in MTF confluence. In case of a breakout, the next critical threshold at $0.1387 (score: 66/100) will come into play, but the current price being just above this level gives a short-term stabilization signal. These supports are backed by Fibonacci retracements and volume profiles, so the area around $0.12 should be watched as a holding zone. According to historical data, similar support tests have seen 20-30% rebounds, which could create an opportunity window for traders.

Resistance Barriers

Currently, no strong resistance levels (score >=60) have been detected; the nearest obstacle is the EMA20 at $0.18, but this overlaps with the Supertrend indicator, turning it into a bearish barrier. On the upside, 3D and 1W resistances from MTF (around above $0.20) could come into play, but testing these levels is low probability under downtrend dominance. The resistance gap increases the risk of freefall in downward momentum; therefore, a daily close above $0.15 is required for upward movements.

Momentum Indicators and Trend Strength

RSI(14) at 26.02 is hovering in the oversold region; this indicates that momentum is nearing exhaustion over the last 14 days and could signal a rebound with potential divergence (if RSI rises while price falls). The MACD histogram is negative and confirmed with a bearish crossover, staying below the signal line to show the downtrend’s strength is preserved. The Supertrend indicator is also in bearish mode, positioning $0.18 as resistance. EMA crossovers (price below EMA20) reinforce the short-term bearish bias, while the 50-day EMA (around $0.22) stands as a distant target.

In terms of trend strength, the ADX indicator at mid-level (around 25) confirms the downtrend, but there are weakening signals with the oversold RSI condition. Volume-weighted average price (VWAP) is below the current level, emphasizing selling dominance. On multi-timeframe, the 1W Supertrend being bearish keeps the medium-term outlook negative, but a daily RSI rebound could change the overall trend. Traders can use these indicators in leveraged strategies for ENA futures.

Risk Assessment and Trading Outlook

In terms of risk/reward ratio, the bearish target at $0.0090 (score:22) offers 93% downside potential from the current price, while the bullish target at $0.2191 (score:25) promises 56% upside; however, the bearish scenario weighs heavier in the downtrend (R/R ~1:0.6). Volatility is high, implied vol in the 80s, stop-loss mandatory against sudden spikes. In the positive scenario, holding above $0.1215 will push RSI to 40+ and start a test of $0.18; in the negative, BTC breakdown will be the trigger.

The overall outlook is bearish in the short term but with high consolidation probability due to oversold conditions. In the medium term (1-3 months), a return to $0.20 is possible if MTF supports hold, but if BTC dominance rises, altcoins will remain under pressure. Risk management is critical: Position size should not exceed 1-2%, trailing stops recommended. Market makers’ behaviors and liquidity pools could trigger sudden liquidation cascades.

Bitcoin Correlation

ENA is an altcoin showing high correlation with BTC (0.85+); BTC’s 5.19% drop from its current $78,859 level directly triggered ENA’s losses. In BTC downtrend, Supertrend is bearish, main supports at $77,966, $75,714, and $64,655; breaking these levels will lead to chain reactions in altcoins. Conversely, if BTC breaks $80,254 resistance (followed by $83,160 and $86,776), tokens like ENA could recover 10-20%. Rising BTC dominance reinforces ENA’s relative weakness; therefore, a BTC close below 77K will accelerate ENA’s test of $0.12.