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

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