an updated analysis of $ENA based on recent short liquidation data. Remember, this is not financial advice—always conduct your own research before trading.
Market Update
Short Liquidations: Short positions worth $1,381K were liquidated at $0.9032, indicating a price increase that forced short sellers to close their positions.
Implication: This reflects bullish momentum, as buyers drove the price higher.
Potential Buy Zone
Buy Range: $0.8800 - $0.9200
This range aligns with the strong support level near $0.9032, making it an ideal entry point.
Target Levels
To minimize risk, consider setting progressive profit targets:
1. Target 1: $0.9500
2. Target 2: $1.0000
3. Target 3: $1.0500
Stop Loss
Recommended Level: $0.8600
Position your stop loss just below the support zone to limit losses in case of a trend reversal.
Next Steps
1. Monitor Volume: Watch for increasing volume around $0.9032 or higher to confirm bullish strength.
2. RSI Indicator: Look for an RSI trending upward but below 70, which suggests sustained upward momentum.
3. Stay Informed: Keep an eye on $ENA-related news, as it can significantly impact price movements.
Would you like further explanation on how these levels were determined or additional trading tips?