Trading Signals for ENA (Ethena)

• Action: Scalping (Both Long and Short Positions)
• Entry Range:
  • Long: $1.20 - $1.22
  • Short: $1.27 - $1.29

Analysis:
Looking at the current price action for ENA, we are witnessing a potential consolidation phase between $1.19 and $1.28. The price is oscillating within this range, which suggests an opportunity for a scalping strategy. Given the volatility in the past 24 hours (with a 2.10% movement), price could break out of the consolidation either to the upside or downside.

• Long Position: If price tests the lower boundary near $1.19-$1.22 and shows signs of bouncing back, this could be a solid entry point for a long position, with a tight stop-loss of 0.5%-1% and a target of $1.26-$1.30 (around 3%-6% profit).

• Short Position: If the price pushes to the upper boundary of $1.27-$1.29, watch for a rejection or a stall at that level. If the market starts to show signs of downward pressure, a short position could be entered with a target price near $1.22-$1.19.

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🚨Note: Trade at your own risk. DYOR.