Currently, market enthusiasm remains high, and while BTC stabilizes in price, other cryptocurrencies continue to be active, allowing for mid-to-short-term testing of spot holdings. Today, a spot recommendation for ENA is provided. Before 10:30 AM today, many crypto enthusiasts received buy suggestions from the badge, and subsequently, the badge completed the initial draft of the ENA analysis article before noon. Due to some busyness after analyzing Bitcoin, the remaining work on ENA was completed in the evening. Currently, the price has increased by 10%. It is evident that direct communication with the badge can yield faster entry strategies.
First, let's look at ENA from a structural perspective. After listing on mainstream platforms on April 1 of this year, it experienced a market-wide pullback and bottomed out at 0.194 on September 7. Since then, the price has been climbing steadily, and the entire upward process has been quite proactive, maintaining the daily MA 60 upward channel boundary. The bullish pattern has consistently held, keeping the upward channel healthy. Although the mid-term pullbacks have been significant, the troughs are in a continuously rising state. Currently, after more than half a month of fluctuations around 0.60, the price is pushing upwards, breaking through the high point of 0.670 on November 11, reaching 0.750. The ability to strongly support the price after the breakout indicates that this cryptocurrency has relatively strong market protection, and the overall bullish ambition remains unshaken.
The current strong support base on the daily line is at 0.500, while short-term strong support maintains at 0.600. In fact, during each rebound after a fall, ENA's rise has never lagged behind Bitcoin, quickly recovering all losses during the downturn, indicating that this cryptocurrency has active buying and rapid accumulation of low-position chips. Currently, the upward channel continues to rise, and after breaking through the 0.670 fluctuation boundary, there has not yet been a rapid surge. The badge believes that ENA has gathered enough energy and expects the price to soon challenge the high of 1.0 on June 3. It is anticipated that the price will undergo some consolidation and minor pullback in this vicinity before challenging new highs around 1.50.
From a comprehensive perspective, ENA's price support is strong, and the upward channel remains healthy, making it suitable to hold and wait.
Next, the badge will provide some analytical basis from ENA's project entity. ENA's current circulating market value is 2 billion USD (corresponding to a price of 0.712), categorized as a mid-to-large cap cryptocurrency, with five months remaining until the next major unlock. On April 2, 2025, 13% of the circulating supply will be unlocked, which is quite significant. It is speculated that the main force will reserve a large sell-off space before the unlock, allowing the price to continue rising in a pressure-free cycle.
Ethena Labs is the creator of USDe, and ENA is Ethena's native utility token, which is a synthetic dollar protocol built on Ethereum. The plan addresses the demand for a stable and scalable form of currency within the crypto-native space, without relying on traditional banking systems. The integration of USDe provides users with a dual advantage: earning passive income and using synthetic dollars as trading collateral. These features align with Deribit's roadmap, aiming to provide a more active trading space for different categories of users.
The stability of synthetic dollars comes from delta-hedged derivatives positions rather than traditional reserves. This decentralized structure supports Ethena's mission to provide secure, scalable, and innovative financial tools. In recent months, Ethena has launched several updates, including adding Solana and its liquid staking variant as reserve assets, further enhancing the utility of USDe.
Ethena continues to expand its stablecoin products, including the recently announced UStb project developed in collaboration with BlackRock and Securitize. These initiatives highlight Ethena's commitment to innovation and its focus on building a strong ecosystem around its synthetic dollar products.
Considering the current advantages of the project entity and the performance of the technical pattern, the badge believes that ENA is suitable for reserves and mid-to-long-term holding. The current price of 0.760 is a good entry point, and it is advisable to boldly average down if the price falls below 0.600. The first target is 0.95, the second target is 1.30, and the third target is above 2.0 after breaking through 1.5 and pulling back.
Must-read for crypto enthusiasts: Time is precious during a bull market; navigating alone will only lead to the harsh outcomes faced by retail investors. Follow the badge to help you stand tall and pursue wealth in the crypto world from a professional perspective.$ENA 
