Enso (ENSO) experienced a dramatic surge in its futures market, resulting in $11.67 million in liquidations over 24 hours, with over 70% being short positions. This short squeeze coincided with the token’s price rallying 38.3% in a day and 180% over the past week, while daily trading volume increased by 170%.
Enso’s futures market saw extreme activity, with $11.67 million in positions liquidated. Data from CoinGlass showed 70.7% of these were short liquidations, indicating a significant short squeeze.
These liquidations were 4.82 times the seven-day average. The figure was also 1.30 times the recent peak, highlighting extremes in the market data.
The token price surged 38.3% in 24 hours and 180% over the past week. CoinMarketCap data also showed a 170% increase in daily trading volume.
Open Interest saw a massive 70% increase over the past day, continuing a recent trend. The spot Cumulative Volume Delta moved sideways for two days, suggesting the move was predominantly driven by derivatives.
Cryptotrader Sardauna warned on X that the market was overextended. “Traders should not buy Enso now,” he stated, inferring the upward move might be concluding.
The daily chart showed the price remained below the $1.992 and $2.785 highs from late October. However, closing above the $0.844 and $1.178 swing points from the downtrend suggested a potential trend shift.
On the one-hour chart, the $1.992 level was retested as resistance. The bullish structure would shift bearishly only if the price moved below $1.63.
Further potential support levels were identified at $1.3, $1.06, and $0.72. The analysis concluded that traders in profit should look to realize their gains.
