As a seasoned researcher with a knack for deciphering the cryptic world of digital assets, I must say that the recent surge in Ethena (ENA) has piqued my interest. The 24.4% rise over the last seven days and the market cap surpassing $1 billion on October 14 is a testament to its growing popularity.
On one-day charts, Ethena appears to have burst free from an unusual bullish trend. This could potentially lead to a surge in its value by approximately 65% from its current price level.
Over the last seven days, Ethena (ENA) — best known for the USDe stablecoin — rose 24.4%. The crypto asset’s market cap surpassed the $1 billion mark on Oct. 14. It is now up 200% from its lowest point in September, and sits at $1.14 billion. Its daily trading volume hovers over $318 million.
Based on analyst observations, Ethena seems to have shattered several trends visible in the daily chart, suggesting potential for more upward movement ahead.
A trader known only as CryptoBull_360 pointed out that ENA has surged past an inverted head and shoulders configuration, which is a less common but bullish indication suggesting a significant price increase for ENA, possibly intensifying its upward trend. Additionally, it has moved above the upper boundary of a widening triangle formation linking the highest price points since April 10.
The analyst sets a bullish target for ENA at $0.68. That’s up 65% from its current levels, provided that Bitcoin (BTC) continues to see positive momentum.
Many other analysts share optimistic views, predicting that MisterSpread ENA could reach $0.52 in the near future if it maintains its position above the key support level of $0.42.
The surge in ENA’s price was accompanied by an increase in the number of outstanding futures contracts, with the total value reaching a peak of $227 million this week, significantly higher than the previous week’s lowest point of $137 million, as reported by CoinGlass.
Earlier this week, it was noted by crypto.news that whales had taken an interest in the token and amassed cryptocurrency over the past seven days.
Shrewd traders specializing in trades on decentralized platforms, who are recognized for frequently making profitable swaps, amassed approximately 2.25 million ENA tokens worth around $932.5K over the last week, indicating their belief in the token’s future growth potential.
Besides other initiatives, Ethena has suggested unifying its liquidity and risk management platform with Hyperliquid, a decentralized marketplace designed for continuous futures trading.
The proposal, currently under review by the Ethena Risk Committee, suggests moving a portion of Ethena’s hedging flow on-chain to Hyperliquid, enhancing transparency and reducing counterparty risks.
Moreover, the plan incorporates introducing a USDe stablecoin onto Hyperliquid’s Layer 1 network at the time of the EVM mainnet launch, thereby broadening its decentralized finance (DeFi) connections.
At press time, ENA was exchanging hands at $0.403 per data from crypto.news.
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2024-10-19 17:08