$ENA Open Interest Blasts Past $1B — Bullish Momentum Heating Up?
Ethena ($ENA ) is turning heads again, jumping over 5% on Thursday to hover around $0.63, as bullish sentiment gains traction and futures open interest (OI) rockets past the $1 billion mark.
Renewed Bullish Appetite Evident in OI Surge
OI has rebounded sharply from last week’s dip to $916 million, now exceeding $1 billion. This surge suggests traders are piling into long positions with confidence, potentially setting up a move toward the $0.70 resistance — and possibly beyond.
Shorts Liquidated as Bulls Take Charge
Data from CoinGlass shows $4.2 million in derivatives liquidations over the past 24 hours, with $3.63 million of that from shorts. With rising funding rates and a wave of short squeezes, the bullish case for $ENA is getting stronger.
Technical Indicators Point to Further Upside
Price Action: Holding above key moving averages
50 EMA: $0.58
100 EMA: $0.55
200 EMA: $0.48
MACD: Bullish crossover intact
RSI (4H): Approaching overbought, showing intense buying pressure
Still, overhead resistance near a previously broken trendline could cause a temporary pause. A strong daily close above $0.60 would reinforce bullish momentum, with targets at $0.70 and the major psychological barrier at $1.00.
