Based on the technical indicators and market trends provided, Ethena (ENA) currently exhibits strong bullish momentum. Here’s a concise prediction and action plan for traders:
Short-Term Prediction:
1. Upside Potential:
If buying pressure continues, $ENA could test $1.22 (resistance). A breakout here might drive the price toward $1.32 (+13.7%). Traders should monitor for volume spikes, which often accompany such moves.
2. Downside Risk:
If bullish momentum weakens, watch for a pullback to $1.12 (critical support). A breach here could lead to a decline toward $1.02 or even $0.84 in the worst-case scenario.
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Trading Strategy:
1. For Long Positions (Bullish Traders):
Entry Point: Accumulate near $1.12–$1.15 if the price shows strong buying support.
Target 1: $1.22
Target 2: $1.32
Stop Loss: $1.10 (to limit downside risk).
Trail your stop loss if the price crosses $1.22 to lock in profits.
2. For Short Positions (Bearish Traders):
Entry Point: If $ENA fails to break $1.22 resistance and shows rejection.
Target 1: $1.12
Target 2: $1.02
Stop Loss: $1.25 (to avoid unexpected rallies).
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Key Metrics to Watch:
1. Chaikin Money Flow (CMF):
Above 0.36 → Bullish momentum continues.
Drop below 0.30 → Sign of weakening inflows.
2. ADX and DMI Indicators:
ADX > 25 and +DI dominance → Uptrend intact.
ADX < 25 or -DI rising → Signals weakening trend.
3. Volume:
Sustained high volume → Confirms bullish breakout.
Declining volume → Possible consolidation or reversal.
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Conclusion:
The next move hinges on whether $ENA can sustain buying pressure at higher levels. Aggressive traders can ride the uptrend but should secure profits at resistance levels. Conservative traders
should wait for confirmation at $1.22 or $1.12 before entering new positions.
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