The post Ethena: THIS signals 60% rally ahead – Time to buy ENA? appeared on BitcoinEthereumNews.com.

ENA’s Long/Short Ratio in the past 12 hours stood at 1.69, indicating strong bullish sentiment. The major liquidation levels were near $0.395 and $0.409, with traders over-leveraged at these levels. The majority of cryptocurrencies across the digital asset landscape are either experiencing notable price surges or price corrections. Amid this, the popular Telegram-linked Ethena [ENA] appears bullish, as it has recently retested its bullish price action pattern and is poised for a notable upside rally in the coming days. Ethena’s successful breakout According to AMBCrypto’s technical analysis, Ethena has recently broken out from a bullish inverted head-and-shoulder price action pattern and has successfully retested the breakout level of $0.362. Following the retest of the breakout level, ENA has begun moving in an upward direction, which is a positive sign for token holders. Source: TradingView Based on the recent price momentum, there is a strong possibility that ENA could soar by 60% to reach the $0.65 level in the coming days. However, the asset’s recent performance has already gained massive attention from investors and traders, and there is a similar expectation that ENA has generated in the past week. Investors and traders often see the breakout of an inverted head and shoulder pattern, along with a retest, as a bullish sign and believe this indicates a successful breakout. Bullish on-chain metrics  ENA’s positive outlook is further supported by the Long/Short Ratio, which, per Coinglass, stood at 1.69 in the past 12 hours until press time, the highest since late September 2024. This notable long/short value indicated strong bullish sentiment among traders. Source: Coinglass Additionally, ENA’s Open Interest has remained unchanged in the past 24 hours, suggesting traders are waiting for the asset to close a daily candle above the $0.45 level. At press time, 62.86% of top traders held long positions,…

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Filed under: News - @ October 20, 2024 7:17 am