bullish

USDe

Read

Ethena

Ethena has broken out of a rare bullish pattern on the one-day charts and could see gains of over 65% from the current price.
Over the last seven days, <a href="https://crypto.news/ethena-flips-crucial-resistance-as-crypto-fear-and-greed-index-rises/" target="_blank" rel="noopener noreferrer nofollow">Ethena</a> (<a href="https://crypto.news/price/Ethena/" target="_blank" rel="noopener noreferrer nofollow">ENA</a>) — 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.
According to analysts, Ethena has broken out of multiple patterns on the 1-day chart, which points to further upside.
Anonymous trader CryptoBull_360 <a href="https://x.com/CryptoBull_360/status/1846089931510501578" target="_blank" rel="noopener noreferrer nofollow">noted </a>that ENA has broken out from an inverse head and shoulders pattern, a rare pattern that signals a major bullish reversal that could further fuel the ENA rally. Moreover, It also rose above the upper side of a broadening wedge pattern that connects the highest swings 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 (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) continues to see positive momentum.&nbsp;
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ethena-to-invest-46m-reserve-fund-in-tokenized-assets/"> Ethena to invest $46m reserve fund in tokenized assets </a>
Other commentators <a href="https://x.com/MisterSpread/status/1847319414531629164" target="_blank" rel="noopener noreferrer nofollow">echoed </a>similar bullish sentiments with MisterSpread ENA to hit $0.52 in the short term as long as it holds above the support level at $0.42.
ENA’s price rally also coincided with a jump in futures open interest. <a href="https://www.coinglass.com/currencies/ENA" target="_blank" rel="noopener noreferrer nofollow">According </a>to CoinGlass, open interest in the futures market hit a high of $227 million, up from last week’s low of $137 million.
Previously, whales have also turned their attention towards the token and were seen accumulating the crypto throughout the past week as <a href="https://crypto.news/whales-pile-into-ena-as-token-rallies-over-96-in-30-days/" target="_blank" rel="noopener noreferrer nofollow">reported </a>by crypto.news.
Smart DEX traders, known for consistently executing profitable swaps on decentralized exchanges, <a href="https://x.com/iCryptoAI/status/1847530090407874798" target="_blank" rel="noopener noreferrer nofollow">grabbed </a>over 2.25 million ENA tokens over the past week, valued at $932.5K, demonstrating their confidence in the token’s potential growth.
Among other catalysts, is Ethena’s recent <a href="https://x.com/ethena_labs/status/1846870438670192751" target="_blank" rel="noopener noreferrer nofollow">proposal </a>to integrate its liquidity and hedging system into Hyperliquid, a decentralized exchange for perpetual 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.
Additionally, the proposal includes adding <a href="https://crypto.news/price/ethena-usde/" target="_blank" rel="noopener noreferrer nofollow">USDe</a> stablecoin to Hyperliquid’s Layer 1 platform upon the launch of the EVM mainnet, further expanding its DeFi integrations.
At press time, ENA was exchanging hands at $0.403 per data from crypto.news.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ethena-community-to-vote-on-proposal-to-launch-crypto-exchange-on-usde/"> Ethena community to vote on proposal to launch crypto exchange on USDe </a>

Ecosystem growth fuels Ethena rally, analysts eye 65% upside ahead

crypto.news

Other articles published on Oct 19, 2024

Monochrome Asset Management to Launch Australia’s First Ethereum Spot ETF (IETH) on Cboe

ChatGPT Predicts the Top-Growth Altcoin for the Bull Market—The Outcome Is Unbelievable! AI Choos...

Veteran Trader Forecasts 5000% Gains for Ethereum, but Altcoins Like CYBRO and Solana Set to Skyr...

US Attorneys Call on President Biden to Help Free Binance Exec In Nigeria

BlackRock’s Bitcoin ETF surges as investors flock to spot products

Tether CEO Explores Commodity Trading and TradFi Opportunities

Join our free newsletter for daily crypto updates!