ENA Surges in Speculative Interest Despite Price Drop
Ethena (ENA) has seen a surge in speculative interest, with open positions rising 1.59% to $1.05 billion and trading volume jumping 12.6%. This comes despite a weakening in spot prices, indicating increased activity among traders. The cryptocurrency has been experiencing weeks of downward momentum, slipping below key support levels.
ENA's inability to hold above the $0.61 mark has left it vulnerable to further losses. Traders are closely watching the $0.58 and $0.52 levels as immediate defenses. A confirmed breakout with volume could potentially drive ENA towards $0.9070 and even test $1.27, according to some technical analysis. However, analysts warn of a potential double top pattern forming between $0.60 and $0.62, which could signal a reversal.
The MACD remains bearish, suggesting that downward momentum is still active. RSI readings are around 39, nearing oversold territory but not yet indicating a full reversal. If ENA fails to recover the $0.61-$0.62 range, prices could slide towards $0.46 and potentially even lower, to the $0.39-$0.42 range.
Ethena's price action suggests a decisive move is approaching. While there's potential for a significant rally, the risk of further losses remains. Traders should closely monitor key support levels and technical indicators for any signs of a trend reversal.
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