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The arrival of BTC's bull market and ETH's catch-up rally also allowed ENA to steadily move above $1. Behind this ENA breakthrough was a 63.42% increase in trading volume to $538.61 million and a 22.15% increase in open interest.
Euler Labs’ newly launched bounties totaling $42,000 further fueled its market momentum. Especially as traders actively positioned themselves to take advantage of ENA’s upside potential on the charts.
ENA’s Descending Triangle Breakout Signals a Rise to $1.20
ENA, the native token of Ethena, recently broke out of a downtrending broadening wedge pattern on the daily chart, signaling a bullish reversal.
According to the chart technical analysis, ENA could now surge by 100%-120%, while the altcoin’s target price levels could be between $0.85 and $1.00.
A breakout of this pattern suggests that buyers are gaining momentum and higher trading volumes support this bullish outlook. If ENA maintains support above its previous resistance line, it is likely to continue its upward move until the projected target.
ENA climbing target: above $1
Technical indicators also appear to be consistent with the bullish sentiment surrounding Ethena, with the Ichimoku Kinko Hyo pointing to an uptrend as ENA moves above the cloud.
The Tenkan-sen line, which is above the base line, supports the short-term buying momentum, reinforcing the upside potential for ENA prices. Moreover, the Accumulation/Distribution line highlights the steady rise – a sign of sustained buying interest among traders.
Euler Labs Enhances ENA Usability
Euler Labs has enhanced its stablecoin Maxi platform by introducing PT-sUSDE as a new collateral option with a total reward of approximately $42,000. The program includes $25,000 in $PYTH rewards and approximately $17,000 worth of Euler matching rewards, aimed at increasing user participation.
Users can now lend sUSDE from Ethena Labs and use PT-sUSDE as collateral to borrow sUSDE. This can create additional profit opportunities within the platform.
As of writing, ENA is trading at $0.52, up 32% in the past 24 hours. Its market cap is $1 billion, with a 24-hour trading volume of $301 million.
The introduction of PT-sUSDE as collateral and its associated incentives could have a positive impact on the value of ENA by increasing demand for Ethena services.
Reasons for the rise: stable trading volume and stable demand
ENA’s trading data further consolidates its stable market position, with a 7-day average trading volume of 837.57 transactions and a recent high of 1.28k transactions on November 4, 2024.
Stable trading volumes indicate steady demand with minimal volatility in recent months, highlighting the balanced market environment for ENA.
Together, these developments suggest a positive outlook for ENA, with technical indicators and rising market activity supporting a strong growth trajectory.
I am Penny, a long-term coin hoarder. I don't touch contracts and don't recommend leverage. I make coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to join the Penny team (no fees! No promotion! No return!)
