ENA Price Prediction: Poised for a 60% Upside Rally in the Coming Days

The majority of cryptocurrencies across the digital asset landscape are either experiencing notable price surges or price corrections.

output: The majority of cryptocurrencies in the digital asset space are experiencing either significant price increases or decreases. Among these assets, the Telegram-linked cryptocurrency Ethena [ENA] has shown bullish signs with a retest of a bullish price pattern, indicating a potential upcoming price surge.

Technical analysis by AMBCrypto reveals that ENA has broken out of a bullish inverted head-and-shoulders price pattern and successfully retested the breakout level at $0.362. Following this breakout, ENA has been surging in a positive price direction.

According to the technical analysis and recent price momentum, there is a possibility that ENA could reach the $0.65 level, indicating a potential price increase of around 60% in the coming days. However, this asset's recent performance has already garnered attention from investors and traders, with a similar anticipation building up over the past week.

Typically, investors and traders identify a breakout from an inverted head and shoulders pattern, accompanied by a retest, as a bullish sign, indicating a successful breakout from this price formation.

A Long/Short Ratio of 1.3 or higher over a short period of time, such as 12 hours, indicates that traders are largely opening long positions on the asset. This value is calculated by dividing the total amount of資金 used to open long positions by the total資金 used to open short positions over a specified time frame.

According to Coinglass, ENA had a Long/Short Ratio of 1.69 in the past 12 hours until press time, which is the highest value since late September 2024. This indicates strong bullish sentiment among traders.

Furthermore, ENA's Open Interest remained unchanged in the past 24 hours, suggesting traders are waiting for the asset to close a daily candle above the $0.45 level. At press time, 62.86% of top traders held long positions, while 37.14% held short positions.

Major liquidation levels were noted at $0.395 on the lower side and $0.409 on the higher side, with traders over-leveraged at these levels, according to Coinglass.

If market sentiment remains unchanged and the price rises to the $0.409 level, nearly $1.87 million in short positions will be liquidated. Conversely, if sentiment shifts and the price drops to the $0.395 level, approximately $1.41 million in long positions will be liquidated.

This liquidation data suggests that short sellers were waiting for the price to decrease below the $0.395 level, which is unlikely to occur due to the bullish market sentiment in the cryptocurrency space.

Currently, ENA is trading at $0.402 after a slight price increase of over 0.55% in the past 24 hours. During this time, its trading volume increased by 20%, indicating higher participation from investors.

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