0.1604 just got touched by a complete 1-hour candlestick from $ENA for a full hour; the RSI is only 64. I removed the 0.1599 chase order and will wait for the 0.1620 close.
――― Direction: This isn’t an immediate top, but the 28.85% daily surge isn’t worth validating with a market order.
8 hours ago, reports about open interest exceeding $550 million and the price approaching the 0.14 resistance were still spreading; then 0.14 was broken through, and the discussion quickly shifted from “can it break through” to “how much more can it rise.” Hayes’ bullish view further amplified the stablecoin yield narrative. But the most dangerous part of this kind of catalyst is when you’re right on the direction, yet still wrong on the execution price.
The previous complete 1-hour candle closed from 0.1493 to 0.1557, and the volume was 1.60 times the average volume of the prior 20 complete 1-hour candles. Volume hasn’t dropped, and the RSI hasn’t rushed into extreme territory—so I don’t directly label it as a top. However, 0.1599 is already close to the 24-hour high of 0.1620. Chasing further is having the current bid absorb the pullback from the previous round.
My plan has two tracks: a pullback to 0.1510—0.1530 that doesn’t break 0.1493, and I’ll just observe for support. If it breaks below 0.1435, the short-term structure fails. If a complete 1-hour candle closes with volume above 0.1620, then I’ll reassess opportunities to go with the trend. Until all three conditions appear, there’s only one move: wait.
#Ethena #ENA
――― Direction: This isn’t an immediate top, but the 28.85% daily surge isn’t worth validating with a market order.
8 hours ago, reports about open interest exceeding $550 million and the price approaching the 0.14 resistance were still spreading; then 0.14 was broken through, and the discussion quickly shifted from “can it break through” to “how much more can it rise.” Hayes’ bullish view further amplified the stablecoin yield narrative. But the most dangerous part of this kind of catalyst is when you’re right on the direction, yet still wrong on the execution price.
The previous complete 1-hour candle closed from 0.1493 to 0.1557, and the volume was 1.60 times the average volume of the prior 20 complete 1-hour candles. Volume hasn’t dropped, and the RSI hasn’t rushed into extreme territory—so I don’t directly label it as a top. However, 0.1599 is already close to the 24-hour high of 0.1620. Chasing further is having the current bid absorb the pullback from the previous round.
My plan has two tracks: a pullback to 0.1510—0.1530 that doesn’t break 0.1493, and I’ll just observe for support. If it breaks below 0.1435, the short-term structure fails. If a complete 1-hour candle closes with volume above 0.1620, then I’ll reassess opportunities to go with the trend. Until all three conditions appear, there’s only one move: wait.
#Ethena #ENA