ENA Open Interest Surges Past $1B — Is a Bullish Breakout Imminent?
Ethena ($ENA) is making waves, trading at $0.63 with a 5% gain today! The key driver? Open Interest in futures contracts has soared past the $1 billion mark, signaling strong speculative demand and trader confidence in a continued upswing.
Key Bullish Signals:
Open Interest Recovery: OI has climbed back over $1 billion after a recent dip, a strong indicator of bullish sentiment.
Short Squeeze: Short position investors have suffered over $3.63 million in liquidations in the last 24 hours, compared to just $623,000 in longs. This supports an optimistic outlook
Technical Strength: ENA's price is holding strong above the 50, 100, and 200-period Exponential Moving Averages (EMAs), and the
MACD line is signaling bullish momentum.
Targets to Watch:
The next major resistance level is the $0.70 barrier, which could pave the way for a push toward the crucial $1.00 milestone.
With Ethena's futures market illuminating a short-term bullish case, traders are watching closely for a sustained move that could lead to a significant breakout.