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|---|---|
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Category: CRYPTO NEWS
The post Ethena bulls eye $0.40 breakout – But ENA needs more to fly appeared on BitcoinEthereumNews.com. Bullish pennant forms on the ENA chart, but the Long/Short Ratio of 3.94 and heavy liquidations threaten breakout stability. Sharp 80.77% drop in <$100 transfers shows retail exit, even as mid-tier whales continue transacting. Ethena [ENA] formed a bullish pennant near the $0.38 resistance, following a series of higher lows and declining volatility. This price structure typically precedes a breakout, especially when it forms after an extended rebound. However, a sudden 9.54% dip to $0.3525 challenged short-term bullish expectations. Price remains above key support, but momentum is stalling. The market may require a catalyst to confirm a breakout above $0.40. If bulls defend the $0.34–$0.35 zone, ENA may still ignite a rally. Otherwise, further downside toward $0.30 becomes a real possibility. Source: X Long dominance spikes, but risk of shakeout grows On Binance, 79.77% of ENA traders remain long, with the Long/Short Ratio reaching 3.94. This overwhelming bias creates an unbalanced market that becomes vulnerable to sudden liquidations. In fact, the 30th of May data showed $2.16 million in long positions liquidated, while shorts barely crossed $5K. Therefore, while the price structure remains bullish, the aggressive positioning increases downside risk. Source: CoinGlass Is sUSDe yield draining capital from legacy DeFi protocols? As reported by AMBCrypto, Ethena’s PT tokens have surpassed $1 billion in collateralized supply within just a month, attracting significant DeFi liquidity through high-yield incentives. The approval of PT as accepted collateral on Aave has intensified competition, leading to concerns of a capital shift across protocols. While PT adoption accelerates, Aave’s borrowing metrics show signs of stagnation. This divergence threatens protocol revenue and long-term token value for AAVE. For ENA, the rapid ecosystem growth serves as a potential catalyst, but it also raises questions about liquidity fragmentation in the evolving DeFi landscape. Address activity continues to slide despite price recovery…
2025-05-31T03:41:10+00:00