ENA 0.092u — shot up, and then shot up again.
Coming off the ATL at 0.07, it climbed almost 15% in 3 days and 12% in 7 days. The bounce is definitely fierce. But contract taker sell orders make up 60%. When it’s rising, the sell side is actually heavier than the buy side. I don’t get it—bounce once and run once. I’ve seen this script way too many times.
The whales are also reducing. As the price rises, positions are being cut: in 7 hours, it’s down by 3 percentage points. Spot large orders saw a net outflow of 3.4 million in 15 minutes—selling while it’s going up. So who, exactly, is getting the bag?
The lending market is even more outrageous: the long/short ratio is 84 to 1, with everything piled on the long side. Open interest is also rising, but active trading can’t keep up. Money is coming in, but it doesn’t push price higher—it gets trapped in there. This kind of extreme structure is the easiest to “draw the gate.”
It’s not that it won’t go up. It’s just that chasing it from this level has too poor a cost-performance ratio. Let it digest first, then wait to see if there are buyers on the pullback before talking.
#ena $ENA
Coming off the ATL at 0.07, it climbed almost 15% in 3 days and 12% in 7 days. The bounce is definitely fierce. But contract taker sell orders make up 60%. When it’s rising, the sell side is actually heavier than the buy side. I don’t get it—bounce once and run once. I’ve seen this script way too many times.
The whales are also reducing. As the price rises, positions are being cut: in 7 hours, it’s down by 3 percentage points. Spot large orders saw a net outflow of 3.4 million in 15 minutes—selling while it’s going up. So who, exactly, is getting the bag?
The lending market is even more outrageous: the long/short ratio is 84 to 1, with everything piled on the long side. Open interest is also rising, but active trading can’t keep up. Money is coming in, but it doesn’t push price higher—it gets trapped in there. This kind of extreme structure is the easiest to “draw the gate.”
It’s not that it won’t go up. It’s just that chasing it from this level has too poor a cost-performance ratio. Let it digest first, then wait to see if there are buyers on the pullback before talking.
#ena $ENA