- Bullish Watch forms on the ENA graph, but the long/short ratio of 3.94 and heavy liquidations threatens the stability of the breakout.
- Sharp decrease of 80.77% in <$ 100 transfers shows the exit of the retail trade, even while the medium whales remain transactions.
Ethena [ENA] Formed a bullish pennant near The resistance of $ 0.38, after a series of higher lows and falling volatility.
This price structure usually precedes an outbreak, especially when it forms after an extensive rebound. However, a sudden dip of 9.54% to $ 0.3525 disputed bullish expectations in the short term.
Price remains above the most important support, but the momentum gets stuck. The market may require a catalyst to confirm an outbreak above $ 0.40.
If bulls defend the $ 0.34 – $ 0.35 zone, Ena can still ignite a rally. Otherwise, further disadvantage to $ 0.30 will be a real possibility.
Source: X
Long dominance peaks, but the risk of shakeout is growing
On Binance, 79.77% of the ENA traders remains long, with the long/short ratio of 3.94. This overwhelming distortion creates an unbalanced market that becomes vulnerable to sudden liquidations.
In fact, the data of 30 May showed $ 2.16 million in liquidated long positions, while Shorts hardly exceeded $ 5K.
Although the Bullish price structure remains, the aggressive positioning therefore increases the downward risk.
Source: Coinglass
Is Susde the draining of capital of Legacy Defi protocols?
When reported With Ambcrypto, the PT tokens of Ethena have surpassed $ 1 billion in collateral supply within just one month, which attracts considerable Defi-Liquidity by high yield stimuli.
The approval of PT as an accepted collateral on Aave has an intensified competition, which leads to concern about a capital shift between protocols.
While the adoption of PT is accelerating, the loan statistics of Aave show signs of stagnation. This divergence threatens the protocol income and long -term token value for Aave.
For ENA, rapid ecosystem growth serves as a potential catalyst, but it also raises questions about liquidity fragmentation in the developing Defi landscape.
Address activity continues to glide despite price repair
Despite the bullish consolidation of ENA, address statistics in chains signal a weak user involvement. New addresses fell 41.54% and active addresses fell by 32.77% for seven days.
This suggests that network traction does not keep track of price performance. Without renewed participation, the current upward trend can have difficulty maintaining.
Falling address activity often indicates a lower organic demand and investor interest. Therefore, even if technical indicators seem favorable, weak basic principles can slow any significant rally.
Source: Intotheblock
Medium -colored transactions rise as small retail fades
Transaction data reveals a shift in the behavior of participants. Transfers in the range of $ 10k – $ 100k rose 32.07%and $ 1 million – $ 10 million transactions increased by 25%.
This suggests that whales and medium -sized holders remain active in the ENA ecosystem. Conversely, <$ 100 transfers with 80.77%, with a retreat retail.
This dynamic implies beliefs of strategic players, but weak participation of the base. Persistent growth often requires a balance of both.
For the time being, medium-sized support in the short term offers strength, but ENA needs a broader involvement to ignite a full trend forecast.
Source: Intotheblock
Ena’s derivatives Markt shows early signs of cooling. Derivatives volume fell by 12.81% to $ 827.8 million, while the open interest rate fell by 5.60% to $ 442.7 million.
Traders take a step back and possibly anticipate volatility or more liquidations.
Can ENA break out in the midst of weak Fundamentals and Defi rotation?
Despite his promising Bullish Watch, Ena is confronted with increasing uncertainty. Derivatives statistics have been weakened, the address activity has fallen and capital seems to flow to Ethesas Susde yields.
While holders of medium tier show support and long dominance remains high, Longs died a liability. Ena has to win back $ 0.38 with renewed volume and wider user growth to attach the next breeze.
Credit : ambcrypto.com
