Ethena (ENA) formed a bullish pennant pattern near 0.38 USD, but a 9.54% dip to 0.3525 USD raises concerns. With 79.77% of traders in long positions, recent liquidations of 2.16 million USD indicate market vulnerability despite positive signals.
The trend shows a shift, with increased activity from mid-tier holders while retail interest wanes. Address activity has declined significantly, emphasizing the need for broader market engagement to support ENA’s next rally.
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