Bitcoin Rally and Upbit Listing Drive ENA Token 25% Surge
ENA token surged 25% after its listing on Upbit spurred a breakout above the descending triangle’s upper trendline. Trading volume jumped over 300%, while net spot inflows hit $3.46 million, the highest in two months. Futures open interest rose 8% to $425 million and the funding rate turned positive at 0.0062%, signaling strong bullish momentum. On charts, ENA token trades above its 20-day EMA at $0.28 and eyes resistance at $0.37 and $0.41. Key support at $0.32 will be crucial to sustain a rally toward the $0.46 target range.
Bullish
Upbit listing and Bitcoin rally fueled strong spot inflows and rising futures open interest, indicating robust trader demand for ENA token in the short term. The 25% price surge and breakout above the 20-day EMA point to a bullish breakout pattern with upside toward $0.46. Sustained positive funding rates suggest leveraged long positions remain attractive. In the long term, holding key support at $0.32 will be vital to maintain momentum. Overall, these factors support a bullish outlook for ENA token.