Ethena is no longer quietly recovering.
ENA is trading around $0.28 today, up roughly 20% in 24 hours, with about $1B in trading volume.
That volume is the part I wouldn’t ignore.
The rally has been building for days, and Ethena has also been expanding USDe into new areas. The protocol recently approved using tokenized U.S. equities and equity perpetuals as part of USDe’s delta-neutral basis strategy.
There’s another catalyst coming up too.
Around 1.33B ENA is scheduled for release on October 5, which means the market now has to balance strong momentum against a potentially meaningful supply event.
For the chart, $0.29 is the immediate area to watch. ENA is already pressing into that level after moving from around $0.20 earlier this week.
BTC is holding in the upper-$80K area, but ENA is clearly making a move of its own.
This is one of those charts where the volume needs to stay strong if the breakout is going to keep its shape. $ENA
Not financial advice. Do your own research and manage your risk before trading.
ENA is trading around $0.28 today, up roughly 20% in 24 hours, with about $1B in trading volume.
That volume is the part I wouldn’t ignore.
The rally has been building for days, and Ethena has also been expanding USDe into new areas. The protocol recently approved using tokenized U.S. equities and equity perpetuals as part of USDe’s delta-neutral basis strategy.
There’s another catalyst coming up too.
Around 1.33B ENA is scheduled for release on October 5, which means the market now has to balance strong momentum against a potentially meaningful supply event.
For the chart, $0.29 is the immediate area to watch. ENA is already pressing into that level after moving from around $0.20 earlier this week.
BTC is holding in the upper-$80K area, but ENA is clearly making a move of its own.
This is one of those charts where the volume needs to stay strong if the breakout is going to keep its shape. $ENA
Not financial advice. Do your own research and manage your risk before trading.