A significant event has occurred in the Ethena $ENA market: a short position worth $246,000 was liquidated at $0.936. This suggests that the price rose above this level, triggering the liquidation.
Support and Resistance Levels:
Support Levels:
First Support: $0.8750
Second Support: $0.8427
Third Support: $0.7571
Resistance Levels:
First Resistance: $0.9657
Second Resistance: $1.0240
Third Resistance: $1.0564
These levels indicate potential price points where $ENA might experience buying support or selling pressure.
Recommendation:
Given the current price of $0.9334, which is approaching the first resistance level, there's potential for further upward movement toward the second resistance at $1.0240. However, if the price fails to break above $0.9657, a pullback toward the support levels could occur.
Suggestion:
Buying Opportunity: If ENA breaks above $0.9657 and shows strong momentum, it could be a signal to consider buying, targeting the next resistance levels.
Selling Consideration: If ENA fails to break above $0.9657 and starts to decline, it might indicate a potential move toward the support levels, suggesting a selling opportunity or a point to set stop-loss orders.
Always conduct thorough research and consider your risk tolerance before making trading decisions.