$ENA gave back a third of its summer rally, and one number is holding back the biggest catalyst. 🚨
Price is around $0.195, after climbing from about $0.07 in July to $0.27 in late September. It's still about 87% below its all-time high, and it's been chopping between $0.18 and $0.22 all month. 👀
Levels I'm watching:
🟣 $0.226: range top, the October 21 high
🔴 $0.20: 50-day average, reclaim it to ease the pressure
🟢 $0.184: support, the October 24 low
⚠️ Lose $0.174 and the October 18 low gives way
The catch: USDe supply is about $4.7B, well below the $7.5B level needed to turn on revenue-funded ENA buybacks. Until that changes, the bull case needs a bigger spark.
My plan: no chasing. I want a daily close above $0.20 before I get bullish, and I'm out if $0.174 breaks.
Base-building or slow bleed? 👇
#ENA #Ethena #USDe #Crypto #cryptotrading
@Zetoshi X @Ismeidy @BitEagle News @Wise Analyze
Price is around $0.195, after climbing from about $0.07 in July to $0.27 in late September. It's still about 87% below its all-time high, and it's been chopping between $0.18 and $0.22 all month. 👀
Levels I'm watching:
🟣 $0.226: range top, the October 21 high
🔴 $0.20: 50-day average, reclaim it to ease the pressure
🟢 $0.184: support, the October 24 low
⚠️ Lose $0.174 and the October 18 low gives way
The catch: USDe supply is about $4.7B, well below the $7.5B level needed to turn on revenue-funded ENA buybacks. Until that changes, the bull case needs a bigger spark.
My plan: no chasing. I want a daily close above $0.20 before I get bullish, and I'm out if $0.174 breaks.
Base-building or slow bleed? 👇
#ENA #Ethena #USDe #Crypto #cryptotrading
@Zetoshi X @Ismeidy @BitEagle News @Wise Analyze
