Ethena

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/investors-eye-ethenas-price-surge" rel="noopener noreferrer nofollow">Investors Eye Ethena’s Price Surge</a><br></p>
<p style="text-align: justify">The ongoing uncertainty in the cryptocurrency market continues to pose challenges, affecting various altcoins, including <a href="https://en.bitcoinhaber.net/bitcoins-path-forecasted-by-sp-500s-record-highs" rel="noopener noreferrer nofollow">Bitcoin</a>. Despite Bitcoin’s recent rise to $67,000, a notable altcoin named Ethena (ENA) has grabbed market attention. After initially doubling in its debut month, ENA saw a significant pullback, raising eyebrows among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a>.</p>
<h2 id="what-are-ethena-s-indicators">What Are Ethena’s Indicators?</h2>
<p style="text-align: justify">Ethena (ENA) exhibited negative funding rates on May 18, indicating a high level of short interest in the derivatives market. The prevailing short positions suggest that ENA may be on the brink of a short squeeze. CoinGlass <a href="https://newslinker.co/" rel="noopener noreferrer nofollow" target="_blank">data</a> revealed that short sellers were paying long-position investors an annual percentage rate (APR) of 268%, a clear warning sign.</p>
<p style="text-align: justify">At the time of writing, Ethena ranks 25th in open interest (OI) across all cryptocurrencies, with $194.21 million in active positions. Its OI/MCap ratio is one of the largest, constituting 16% of its $1.19 billion market capitalization.</p>
<h2 id="will-ethena-hit-target-prices">Will Ethena Hit Target Prices?</h2>
<p style="text-align: justify">Currently, ENA is trading at $0.76, reflecting a 20% increase over the past 24 hours. Open interest surged by 35.48% to $541.55 million, while the 24-hour open position rate grew by 12.5%. During the same period, a $283.67 million short position emerged, dominating at 50.54%. Two key price levels could be achieved in a short squeeze scenario: $0.84 and $1.08.</p>
<h2 id="trading-insights">Trading Insights</h2>
<p style="text-align: justify"><b>Key Inferences:</b></p>
<ul style="text-align: justify">
 <li>Potential short squeeze could significantly lift ENA’s price.</li>
 <li>Targets include $0.84 and $1.08, offering gains between 7.7% and 38%.</li>
 <li>High negative funding rates indicate investor caution and opportunities for long positions.</li>
</ul>
<p style="text-align: justify">If these levels are met, investors could see gains ranging from 7.7% to 38% from current prices. However, despite its initial market impact, Ethena has yet to instill long-term confidence among the crypto community.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/investors-eye-ethenas-price-surge" rel="noopener noreferrer nofollow">Investors Eye Ethena’s Price Surge</a></h5>

Investors Eye Ethena’s Price Surge

Table of Contents

BH NEWS

Other articles published on May 18, 2024

Tether Adds Fresh $1 Billion USDT To Supply – Bitcoin To Rally Again?

Canaan Inc. Reports Narrowed Net Loss Amid Unrealized Gains in Q1 2024

‘Godfather of AI’ advises UK government to start UBI

Experts Predict Bitcoin’s Continued Upward Movement

Top 3 Altcoins Ready for a Bullish Surge: 100X Gains Ahead?

Why Bitcoin Investors Are Buying This Crypto

Join our free newsletter for daily crypto updates!