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During last week, Ethena (ENA) made a sharp increase in its price graphics.
During this period, Altcoin went from a local hollow of $ 0.25 to a summit of $ 0.35 during the last day. At the time of writing this document, Ethena was negotiated at $ 0.3,342, reflecting a daily increase of 6.67%.
On a weekly scale, Altcoin won 8.04%. However, before this price pump, ENA experienced a 3.54% drop in monthly graphics.
Source: X
The recent price pump has left analysts suggesting a potential increase in Ethena price graphics. According to the popular crypto analyst, Ali Martinez, Ena is preparing for the escape of an opposite head and a shoulder pattern.
An escape from this model will see the Altcoin moving around $ 0.39. Historically, ENA made strong gains after having burst from this model.
For example, in December 2024, an escape saw Altcoin go from $ 0.9 to $ 1.32.
According to Ambcrypto’s analysis, Ethena is experiencing a strong upward dynamics as a bullish feeling is built.
Looking at Ethena’s Spot Netflow, this suggests that buyers have returned to the market.
As such, Altcoin Netflow has become negative, striking -693.2K. When Netflow becomes negative, this suggests that buyers are active, with more exchanges.
Source: Coringlass
Ambcrypto noted a strong presence of a buyer, the long -term purchase volume passing to 173.72 million tokens during the last day after a previous drop.
This increase in the volume of purchase indicates that investors actively accumulate Altcoin, expecting new price gains.
Source: Messari
The increase in the volume of purchase indicates that investors actively open new positions. Consequently, Ethena’s open -minded interests increased from $ 262 million to $ 278.2 million.
This combination of the increase in open interests and the higher purchase volume reflects a high demand from the market while the bullish feeling takes control.
Source: Coanyze
Investors opening up new positions opt mainly for long positions, as indicated by a positive financing rate.
A positive aggregate financing rate reflects the domination of long positions on the market. This suggests that the majority of investors anticipate additional price increases.
Source: Coanyze
At the time of the editorial staff of the editorial staff, Ethena had a strong bullish feeling, with an ascending momentum through consecutive gains during last week.
If market conditions remain favorable, ENA is about to get out of the reverse head and shoulder model. Such an escape could see the Altcoin recover the level of $ 0.37, preparing the ground for an additional movement to $ 0.39.
However, if the upward trend vacillates, ENA can feel a decline at $ 0.30.
post url: https://altcoin.observer/ethena-is-this-reverse-model-the-key-to-the-next-ena-rally/