Price experienced a fast selloff that swept liquidity below previous lows but failed to continue lower. The rebound was strong and impulsive, indicating genuine demand rather than a temporary bounce.
Momentum shifted quickly, and price is holding above the base, suggesting absorption instead of distribution. As long as price remains above 0.029, upside continuation remains the preferred scenario.
Sellers lost momentum near the lows, and price is attempting to form a base. $ENA pushed to the lows but failed to continue down, signaling seller exhaustion.
Bounce off 0.120 shows absorption, not sharp rejection. Downside momentum has stalled, and price is stabilizing after the downtrend.
As long as buyers defend this base, upside continuation offers better R:R than chasing shorts. A clean reclaim of 0.148 opens the door for further gains.
After the bounce, price is pushing up but failing to reclaim prior structure. Each move higher is getting sold into, with supply capping price and momentum staying heavy.
As long as this zone holds, this move remains corrective. Bias stays for continuation lower.