ENA 24 hours +22% Looks like a main surge, but the board is folding in half: spot has net inflows of 235 million in the last 3 hours, with all 12 K-bars going fully green. The ones taking the orders are retail traders and mid-tier players; at the same time, big orders have net outflows of 25.5 million, and whale contract longs cut positions by 13.34% over 7 hours.
The buy side is retail, and the sell side is the main force. The derivatives market also doesn’t accept the rally: during the big jump, the funding rate actually turned negative, the basis is at a discount, and active buying only accounts for 47.7%. If it really wants to push to new highs, it wouldn’t do so while carrying such consistent sell pressure behind its back.
At 0.172, it tried to break up several times today but got pushed back every time. The 7-day high at 0.18375 hasn’t been reclaimed either. The rebound hits the resistance zone and can’t get volume out—this is basically the tail end of distribution.
My stance: bearish. If it rebounds to around 0.17 and doesn’t break the previous high, enter a short. Stop loss is above 0.174. There’s only one reversal signal—break above 0.172 on increased volume, big orders turn to net inflow, and whales rebuild positions. If it shows up, I’ll admit I’m wrong and close the short.
#ena $ENA
The buy side is retail, and the sell side is the main force. The derivatives market also doesn’t accept the rally: during the big jump, the funding rate actually turned negative, the basis is at a discount, and active buying only accounts for 47.7%. If it really wants to push to new highs, it wouldn’t do so while carrying such consistent sell pressure behind its back.
At 0.172, it tried to break up several times today but got pushed back every time. The 7-day high at 0.18375 hasn’t been reclaimed either. The rebound hits the resistance zone and can’t get volume out—this is basically the tail end of distribution.
My stance: bearish. If it rebounds to around 0.17 and doesn’t break the previous high, enter a short. Stop loss is above 0.174. There’s only one reversal signal—break above 0.172 on increased volume, big orders turn to net inflow, and whales rebuild positions. If it shows up, I’ll admit I’m wrong and close the short.
#ena $ENA
