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ENAUST trade ideas

ENA/USDT: Bull Flag Breakout! Strong Bullish Setup in Play!!Hey everyone! If you’re finding value in this analysis, don’t forget to hit that 👍 and follow for more updates! ENA is looking strong right now! It is breaking out from the bull flag pattern and a successful retest is also done. Long some at CMP and add more in the dip. Entry range: CMP and add more up to $0.36 Targets:- $0.44/$0.50/$0.57/$0.64 SL: $0.345 Lev: Use low leverage (Max 5x) What do you think of ENA’s price action? I’m seeing a strong bullish setup here! Share your insights and analysis in the comments below!
Long
by CoreCrypto1
Ethena Update (Inverted Head & Shoulders Pattern Updated)This chart very interesting to update since we looked at it recently. On the chart, I drew the inverted Head & Shoulders pattern. On top of it is line depicting the neckline. We can see how the break above the pattern resulted in a rejection pushing prices below the neckline; bearish. The RSI is showing some bearish divergence in the short-term and the current candle, which still early, is showing exhaustion. Now, in the previous trade-idea I showed two scenarios (you can find it by visiting my profile using the search filter to find this pair): 1) Staying above the iH&S patterns would produce a bullish jump right away. 2) Moving below, as it is now, would activate the second scenario with the red arrow follow by the blue one. I added a second resistance line (green) that would need to break for Ethena (ENAUSDT) to move higher and grow. Based on current market conditions, it seems we have the second scenario, a drop before additional growth. Patience is key. There will be strong and clear signals when the bottom is in. Namaste.
Short
by AlanSantana
1
Ethena Labs Under Fire: Alleged Funds Misuse Sparks 6% ENA DropOverview of Allegations and Price Impact Ethena Labs, an Ethereum-based synthetic dollar protocol, is facing significant community backlash after allegations of fund misuse. The controversy centers around Ethena Labs’ involvement in its own crypto farming event using 180 million XETR:ENA tokens, allegedly manipulating rewards to benefit the organization. Following these accusations, the ENA token’s price has taken a notable hit, crashing 6.01% to $0.33 as investors question the protocol’s transparency and governance. Details of the Alleged Misuse The allegations emerged on October 27 when crypto analyst Nomad pointed out that Ethena Labs staked approximately 25% of the total ENA (SENA) supply in its ongoing Season 3 farming event. According to Nomad, the Ethena team used six wallets, which reportedly accumulated significant rewards, including Satoshi points and Ethereal tokens, through interactions within the ecosystem. Observers believe that the staking could dilute the rewards of regular participants and create an ethical dilemma by favoring foundation insiders. The accusations reveal that these wallets may have received 180 million XETR:ENA tokens from a Coinbase Prime Custody address, previously believed to hold locked tokens for the Ethena Foundation. The debate sparked an intense response from the community, with some questioning Ethena’s governance practices. In response, Ethena Labs issued a public statement denying the allegations. The team asserted that no locked team or investor tokens were staked to receive rewards, and all ENA tokens in question were sent from foundation wallets following the vesting schedule. To enhance transparency, Ethena Labs announced a UI update, breaking down total sENA eligible for future airdrops and excluding undistributed tokens. Past Staking Controversies Ethena’s history with its farming events raises additional concerns. Past staking events, particularly Seasons 1 and 2, reportedly suffered from irregularities, leading some participants to incur financial losses. These recurring issues have led many community members to scrutinize the protocol’s fairness and commitment to ethical governance. For Ethena Labs, maintaining credibility is crucial, given that the protocol manages a substantial $2.6 billion in user funds. Despite the allegations, Ethena Labs received a confidence boost as Wintermute, a prominent algorithmic trading company, accepted Ethena’s USDe token as collateral for over-the-counter (OTC) trading activities. This acceptance suggests that, while mired in controversy, Ethena’s assets are still gaining traction in broader financial markets. Technical Analysis On the technical front, XETR:ENA token is experiencing a downtrend as it currently trades below the 50-day moving average. With a Relative Strength Index (RSI) at 43, the market sentiment remains bearish. ENA’s daily chart reveals a rising wedge pattern, indicating potential downward movement if the price fails to hold within this channel. The token is approaching a crucial support level at $0.17, a breakdown of which could lead to further declines, especially if Bitcoin’s bullish momentum reverses. With the ongoing scrutiny and allegations, Ethena Labs faces pressure to prove its commitment to fair practices and transparency. If it addresses these issues effectively, the protocol may regain the community’s trust. However, any failure to resolve these concerns could hinder its long-term prospects in the increasingly competitive DeFi landscape.
Short
by DEXWireNews
ENA/USDT: Potential Accumulation Phase on Weekly SupportThe chart suggests that ENA/USDT is currently in a potential accumulation phase, with price hovering around a key support zone on the weekly timeframe. This may indicate a possible bottoming pattern, setting the stage for a bullish reversal. Detailed Analysis: Support Zone: ENA/USDT is trading near the highlighted green support area around the $0.16 - $0.20 range. This zone has acted as a critical support level in the past, absorbing selling pressure and facilitating potential buying interest. Current Price Action: The price is consolidating in this zone, indicating a possible accumulation phase, which typically precedes a bullish move. The recent low volume suggests a lack of selling momentum, which could be a sign of potential bullish interest building up. Entry Price: The ideal entry range is around $0.16 - $0.20, given the strong support at these levels. This offers a lower-risk entry point with the potential for a significant upside. Target Price: The primary target price for this setup could be around $0.55, which corresponds to a previous resistance level and aligns with potential recovery if bullish momentum picks up. Key Support & Resistance Levels: Support: $0.16 - $0.20 (accumulation zone) Resistance: $0.36 (intermediate resistance), $0.55 (target level) Risk Management: Stop Loss: To manage risk, a stop-loss can be placed below $0.15, as a break below this level could invalidate the potential bullish setup. Trade Plan Summary: Entry Zone: $0.16 - $0.20 Take Profit: $0.55 (target level) Stop Loss: Below $0.15 Conclusion: ENA/USDT appears to be consolidating at a strong weekly support zone, indicating a potential accumulation phase. If the support holds, a bullish reversal toward the $0.55 resistance level is possible.
Short
by cashback-ventures
Buy Trade Strategy for ENA: Fundamental Insights and Risk**Descrizione**: This trading idea centers on ENA, a cryptocurrency designed to offer innovative solutions within the decentralized finance (DeFi) space. ENA’s unique blockchain architecture and growing adoption in decentralized applications make it an intriguing asset for long-term investors. The project’s partnerships and developments highlight its potential to contribute to the evolving DeFi ecosystem, positioning ENA as a contender for future growth. That said, the cryptocurrency market remains unpredictable, influenced by a variety of factors such as technological advancements, market sentiment, and regulatory developments. Due to the volatile nature of the market, investors in ENA should carefully evaluate their risk tolerance. **Disclaimer**: This analysis is intended solely for informational purposes and does not constitute financial advice. Cryptocurrency trading is highly speculative and subject to significant risks, including the possibility of losing your entire investment. It is crucial to conduct thorough research and seek professional advice when making any financial decisions. Past performance is not a guarantee of future results.
Long
by MoonTradingForecast
Ethena Signals Recovery Through iH&S Pattern (When Bullish?)It is early here, because the pattern is not complete as you can see, but what is forming is the inverted Head & Shoulders pattern which is a reversal signal. Say the pattern fails to be completed, meaning a reversal at the neckline (resistance line) and we get lower prices (red arrow). This lower prices would still be followed by a strong bullish wave in the short- to mid-term (blue arrow). So this is bullish chart setup overall and this is what we mean always when mentioning the long-term. Since the market has been bearish for a long while, a reversal is now upon us. This reversal can take a few days or a few weeks to fully develop but it is happening, as many pairs are already full green. The rest will follow. Some take longer than others, some much longer but the general market bias will soon be up. Even if we were to experience a flash crash or one major leg-down this can unravel all in a matter of days or weeks, so we are good when we think in terms of months. Put it this way, regardless of what happens short-term, October & November, we are super bullish after November and this super bullishness can last a long time. ➖ We are bullish very likely by mid-November 2024. ➖ We are bullish in December 2024. ➖ We are definitely bullish in early 2025 and all throughout 2025. Thanks a lot for your support. Namaste.
Long
by AlanSantana
Is ENAUSDT About to Skyrocket or Fake You Out? Yello Paradisers ! Is #ENAUSDT finally ready to reverse its trend, or is this just a trap for unsuspecting traders? Let's dive into what we see in the charts and break down the key zones for you! 💎#ENAUSDT has been in a clear downtrend for several days, forming lower lows and lower highs on the lower time frames. It has been consistently trading within a descending resistance trendline, but there’s a critical shift: a breakout and retest of this trendline have recently taken place, along with a liquidity sweep that perfectly tapped into a major demand zone. 💎Now, the pair has managed to reclaim a previous support zone and is holding just above it. This change in behavior signals a potential bottoming formation, especially as we see the RSI showing signs of exhaustion. On top of that, a bullish divergence is building up, adding more weight to the case for a probable reversal. 💎The pair now has probability upside move towards the resistance zone at 0.3121, and if accumulation continues with strong buying volume, we could see a push towards the next resistances at 0.3388 and 0.3740. Keep a close watch on how it behaves around these levels, as they could define the next trend move. 💎However, don’t let your guard down! The trend setup will be invalidated if we see a 4-hour candle closing below the demand zone at 0.2563. Such a move would suggest that sellers are still in control, and this potential reversal could turn into a bear trap. Stay sharp, Paradisers! Will this be a breakout or a fake-out? Only time—and disciplined trading—will tell! MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Jack
1