$ENA A short liquidation of $13.773K occurred at the price level of $0.90118 for the ENA cryptocurrency. This suggests that a significant number of traders who were betting on the price of ENA to go down were forced to close their positions due to price movement against their trades.
This type of liquidation often indicates that the price could continue moving upward, especially if it triggers more short liquidations or leads to a short squeeze. However, it is essential to perform a technical analysis to understand the potential trend.
Technical Analysis for ENA.
Current Market Overview.
Current Price: Around $0.90118 (post-liquidation level).
Market Sentiment: Bullish after the short liquidation.
Buy Zone.
Entry Range: $0.880 - $0.910
Look for minor pullbacks in this range for potential buying opportunities.
Target Levels.
1. First Target (T1): $0.950
2. Second Target (T2): $1.00
3. Third Target (T3): $1.05
Stop-Loss (Risk Management)
Place a stop-loss slightly below the buy zone to minimize losses.
Recommended Stop-Loss: $0.860
Strategy Insights.
1. Short Squeeze Potential: If more short positions exist near this level, we might see aggressive upward price action.
2. Volume Confirmation: Check trading volume for signs of increased buying interest.
3. Caution on Resistance: $1.00 is a psychological resistance expect some selling pressure at this level.
Conclusion.
Buy Zone: $0.880 - $0.910
Targets: $0.950, $1.00, $1.05
Stop-Loss: $0.860
Monitor the price carefully, and ensure you follow risk management strategies. Adjust targets based on market conditions and news events related to ENA.
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